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Could you please explain me the headings of IFRS 15 underneath?
1. Identify the contract with the customer:
We signed an agreement verbally or written to make a contract?2. Identify performance obligations in the contract:
We agree to deliver the goods or services as promised in the agreement?3. Determine the transaction price:
We agree to deliver the goods or services on the agreed price between the buyer and seller?4. Allocate the transaction price to the performance obligations in the contract:
Provide the breakdown of each goods or services with their prices and quantity agreed in the contract to the buyer?5.Recognise revenue as the company satisfies a performance obligation:
Recognize revenue once the obligation is performance which means that the seller has delivered the goods or services to the buyer and we can record the revenue in our SOPL?Please correct me if I am wrong and explain if you think I am missing something?
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