BuyQualityEssays.com – (100% Good rated)Revenue Recognition

 
Revenue with customers is measured based on
the five-step model under IFRS 15: ‘Revenue
from Contracts with Customers’:
1. identify the contract with the customer;
2. identify the performance obligations in the
contract;
3. determine the transaction price;
4. allocate the transaction price to separate
performance obligations in the contract;
and
5. recognise revenues when (or as) each
performance obligation is satisfied.