(b) MFRS 15 on revenue from a contract with customers was issued to ensure that revenue is properly accounted for. Required: 1. ii. Identify the FIVE (5) step-model that needs to be followed by entities when recognising revenue from contract under MFRS 15. (5 marks) State in THREE (3) ways how MFRS 15 is expected to improve the financial reporting of revenue. (6 marks) Talent Berhad is a network service provider registered in Malaysia. The company has been operating in the country for the past 12 years. On November 1, 2019, the company entered a service contract with its customers to provide a special model handset and one-year service for RM250,000. If the customers acquired the handset only, it would be sold for RM75,000 and if the network service is separately provided for a one-year duration, the customer will be made to pay the sum of RM200,000 for the one-year duration. The financial year-end of Talent Berhad is November 30. Required: Calculate the revenue from this contract for the accounting years ended 2019 and 2020 in accordance with the provisions of MFRS 15. (9 marks) (c) The objective of MFRS 116 is to prescribe the accounting treatment of property, plant and equipment (PPE). Required: Explain how initial costs of property, plant and equipment (PPE) should be measured and state the circumstances in which subsequent expenditure on non-current assets should be capitalised