An entity should recognize revenue in accordance with IFRS 15 when (or as) it satisfies a performance obligation by transferring a promised good or service (i.e., an asset) to a customer. The transfer of a good or service to a customer occurs when the customer obtains control of that asset.

The specific timing of revenue recognition can be:

1. Over Time: Revenue is recognized over time if any of the following criteria are met:

• • The customer simultaneously receives and consumes the benefits provided by the entity's performance as the entity performs.
  • The entity's performance creates or enhances an asset that the customer controls as the asset is created or enhanced.
  • The entity's performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date.

1. At a Point in Time: If a performance obligation does not meet any of the above criteria for recognition over time, the entity recognizes revenue at the point in time at which it transfers control of the promised good or service to the customer. Factors that indicate the transfer of control include the entity having a right to payment for the asset, the customer having legal title to the asset, the entity having transferred physical possession of the asset, the customer having the significant risks and rewards of ownership of the asset, and the customer having accepted the asset.

The amount of revenue recognized is the amount allocated to the satisfied performance obligation. Any remaining consideration is recognized as each remaining performance obligation is satisfied

Here are the examples of revenue recognition over time and at a point in time under IFRS 15.

1. Revenue Recognition Over Time:

a. Construction Contracts: In a contract for the construction of a building, the customer often simultaneously receives and consumes the benefits as the construction company performs. Here, revenue is recognized over time, typically based on the progress towards completion of the performance obligation.

b. Enhancement of Customer's Asset: Consider a software company that is contracted to develop and implement an upgrade to a customer's existing software. As the software company performs, it's enhancing an asset (the existing software) that the customer controls. Revenue would be recognized over time in this case.

c. Performance Does Not Create Asset with Alternative Use: If a tailor makes a custom-made suit specifically for a customer, the suit does not have an alternative use, and the tailor has a right to payment for the work completed to date. The tailor recognizes revenue over time as work is completed.

1. Revenue Recognition at a Point in Time:

a. Sale of Goods: A retail store sells a television to a customer. The control of the television (the asset) transfers to the customer at the point of sale when the customer pays for the television and takes it home. The store recognizes the revenue at this point in time.

b. Sale of Real Estate: A real estate company sells a residential property. The control transfers to the buyer when they pay the full price, and all necessary legal paperwork has been completed, granting them the deed to the property. Revenue is recognized at this point in time.

c. Delivery of Services: A consulting firm delivers a market research report to a client. The control transfers when the report is delivered and accepted by the client. The consulting firm recognizes the revenue at this point in time.

Please note that the exact timing and pattern of revenue recognition can depend on the specific terms and conditions of individual contracts.