i. Five-Step Model for Recognizing Revenue Under IFRS 15:

1. Identify the Contract(s) with a Customer:
   An entity must identify the contract with the customer that creates enforceable rights and obligations. Contracts can be written, oral, or implied by customary business practices.
2. Identify the Performance Obligations in the Contract:
   A performance obligation is a promise to transfer a distinct good or service to the customer. The entity must determine whether the promised goods or services are distinct and can be identified separately.
3. Determine the Transaction Price:
   The transaction price is the amount of consideration an entity expects to receive in exchange for transferring goods or services to the customer. This may include variable consideration, discounts, and financing components.
4. Allocate the Transaction Price to the Performance Obligations:
   If the contract has more than one performance obligation, the transaction price must be allocated to each obligation based on the standalone selling prices of the goods or services.
5. Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation:
   Revenue is recognized when the customer obtains control of the good or service, which can occur at a point in time or over time, depending on the nature of the performance obligation.

ii. Improvements Expected from IFRS 15:

IFRS 15 is expected to improve financial reporting of revenue by:

• Enhancing Comparability: By providing a consistent framework for revenue recognition across industries and sectors, IFRS 15 allows for better comparability of financial statements.
• Improving Transparency: The standard requires additional disclosures about revenue, enhancing transparency regarding the nature, timing, and uncertainty of revenue and cash flows.
• Addressing Previous Inconsistencies: IFRS 15 resolves inconsistencies found in the previous revenue recognition standards (IAS 11 and IAS 18), providing clearer guidance on revenue recognition.
• Reflecting Economic Reality: By emphasizing the transfer of control rather than risks and rewards, IFRS 15 aligns revenue recognition with the economic reality of the transactions.
• Reducing Complexity: The five-step model simplifies the process for recognizing revenue compared to previous standards, making it easier for entities to apply.