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  •  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 underlying the particular performance obligation is transferred 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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