5) The core principle of IFRS15 is that an entity should recognise revenue "to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services." The core principle is achieved by following a five-step model Determine the order of the five-step model by matching the step descriptions to the correct step number: 6) Having the definition of revenue in your mind, State whether the following statements are TRUE or FALSE: 7) Refer to Example 2, Melville p152 According to IFRS16 match the correct terms below for the company that prepares its accounts on 31 st December: 8) According to IFRS16, the lessee should recognise the right of use of asset and corresponding liability in the statement of financial position in all circumstances siith the exception of leases that are shorter than 12 months or leases for assets of low value. In these circumstances the lessee can account for the lease recognising payments in the income statement. Select one: True or False 9) According to IFRS16, the lease liability for a right of use lease should be measured initially at the present value of the lease payments which fall due after the commencement date