A. In September 2014 the Malaysian Accounting Standards Board (MASB) issued MFRS 15 Revenue from Contracts with Customers. The Standard is applicable for annual periods beginning on or after 1 January 2018. MFRS 15 is equivalent to IFRS 15 Revenue from Contracts with Customers as issued and amended by the International Accounting Standards Board (IASB). MFRS 15 supersede MFRS 118: Revenue and MFRS 111: Construction Contract. REQUIRED: a. Discuss the development of MFRS 15. [5 marks] b. Discuss the core principles of revenue recognition according to MFRS 15 by providing your own example to explain the concept. [10 marks]