NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
NOT E 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued  
 
AASB 15/IFRS 15 – Revenue from Contracts with Customers 
In May 2014, AASB 15/ IFRS 15 was issued which establishes a single comprehensive model for entities to use in 
accounting for revenue arising from contracts with customers. Specifically, the standard introduces a 5 -step 
approach to revenue recognition: 
 
• Step 1: Identify the contract(s) with a customer 
• Step 2: Identify the performance obligations in the contracts.  
• Step 3: Determine the transaction price. 
• Step 4: Allocate the transaction price to the performance obligations in the contract.  
• Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation. 
 
Under AASB 15/IFRS 15, an entity recognizes revenue when (or as) a performance obligation is satisfied , i.e. when 
‘control’ of the goods or services underly ing the particular performance obligation is transfer red to the customer .  
The effective date of this standard is for fiscal years beginning on or after 1 January 2017.  Management is currently 
assessing the impact of the new standard and plans to adopt the new standard on the required effective date. 
 
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