In the context of IFRS 15, 'transfer of control' refers to the point when a customer gets the ability to direct the use of, and obtain substantially all of the remaining benefits from, an asset (a good or service). This could happen over time or at a specific point in time, depending on the terms of the contract.

A customer controls an asset if they can prevent other entities from directing the use of, and receiving the benefits from, the asset. The benefits of an asset are the potential cash flows (inflows or savings in outflows) that could be obtained directly or indirectly. These include using the asset, selling or exchanging it, pledging it, or holding it.

According to IFRS 15, indicators that the control of a good or service has been transferred to a customer include:

1. The entity has a right to payment for the asset: If the customer has an obligation to pay the entity once the good or service is transferred, it's a strong indicator that control has been transferred.
2. The customer has legal title: Legal ownership often indicates that control has passed to the customer, although it's not always decisive. There may be instances where legal title is transferred but control is not.
3. The entity has transferred physical possession of the asset: If the customer has physical possession, it often means they have control. However, like legal title, this is not always definitive.
4. The customer has the significant risks and rewards of ownership of the asset: For example, if the customer is now responsible for damage to the asset, or stands to profit from its resale, it would indicate control has passed.
5. The customer has accepted the asset: If the customer has formally accepted a good or service, it usually indicates control has been transferred.