What are the disclosure requirements for ICDS-IV?

Ans. The following information is required to be disclosed in Form 3CD in relation to revenue recognition:

(a) In a transaction involving the sale of goods, the total amount that was not recognised as revenue during the previous year due to a lack of reasonable certainty of its ultimate collection, along with the nature of the uncertainty.

(b) The amount of revenue from service transactions that was recognised as revenue during the previous year.

(c) The method used to determine the stage of completion of service transactions in progress.

(d) For service transactions in progress at the end of the previous year:

• The amount of costs incurred and recognised profits (less recognised losses) up to the end of the previous year;
• The amount of advances received; and
• The amount of retentions.