Under IFRS 15, an entity recognizes revenue when (or as) it satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service. The amount of revenue recognized is the amount allocated to the satisfied performance obligation.

The timing of revenue recognition under IFRS 15 depends on whether the performance obligation is satisfied over time or at a point in time:

1. Performance obligation satisfied over time: If a performance obligation is satisfied over time, an entity recognizes revenue over time by consistently applying a method of measuring the progress towards complete satisfaction of that performance obligation. A performance obligation is satisfied over time if any one of the following criteria is met:

• • The customer simultaneously receives and consumes the benefits provided by the entity 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. Performance obligation satisfied at a point in time: If a performance obligation is not satisfied over time, it is satisfied at a point in time. An entity recognizes revenue at the point in time at which the customer obtains control of the promised asset. In determining the point in time at which the customer obtains control and revenue is recognized, an entity would consider indicators such as the transfer of legal title, physical possession, risks and rewards of ownership, and customer acceptance.
2.