Under Ind AS 115, if an entity receives a non-refundable upfront fee and has no further performance obligations, when should the revenue be recognized?
A.At the point in time when the entity transfers control of the good/service
B.Over the expected life of the customer relationship
C.Recognized immediately upon receipt of cash
D.Amortized over the contractual period of the agreement
Explanation:
Ind AS 115 states that if an upfront fee relates to a good or service and there are no further performance obligations, revenue is recognized when control of that good or service is transferred.
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