Section 119 in The Companies (Indian Accounting Standards) Rules, 2015
119. An entity shall disclose information about its performance obligations in contracts with customers, including a description of all of the following:
(a)when the entity typically satisfies its performance obligations (for example, upon shipment, upon delivery, as services are rendered or upon completion of service), including when performance obligations are satisfied in a bill-and-hold arrangement;(b)the significant payment terms (for example, when payment is typically due, whether the contract has a significant financing component, whether the consideration amount is variable and whether the estimate of variable consideration is typically constrained in accordance with paragraphs 56-58);(c)the nature of the goods or services that the entity has promised to transfer, highlighting any performance obligations to arrange for another party to transfer goods or services (ie if the entity is acting as an agent);(d)obligations for returns, refunds and other similar obligations; and(e)types of warranties and related obligations.Transaction price allocated to the remaining performance obligations
