Chris and John are a recently married couple in Australia. They want to make use of the First Home Builders Grant (an incentive payment of $15,000 for first home owners from the government) and hence have decided to contract SXCA Ltd to design and construct a house on a piece of land they bought a few years ago. They contacted SXCA in early 2020 to start designing the house as they were introduced by a close friend. Chris and John worked with SXCA to design a 2-storey house, with 3 bedrooms, 1 study and 3 bathrooms. The contract was signed on May 2020, with the contract price of $475,000 and construction started in November 2020. In March 2020, while construction was still underway, Chris and John adopted a Rottweiler dog as the family pet. They loved their pet dog so much that they decided to make some modifications to their existing design to give their pet more playing area. Specifically, they wanted another barn for their dog. The barn will built 5 meters away from the main house, and will feature 2 separate rooms. One room is the sun lounge where their dog can roam around while exposing to the sun. The other room is to store all the toys for their pet dog. As such, the contract price was adjusted to be $550,000, as agreed upon by two parties. SXCA regularly designs and builds pet barns for other customers and usually charge other customers $80,000 for similar-sized barns. REQUIRED: Does the modification represent a new contract for SXCA and how should it account for the modification? Please explain your answers clearly, with direct reference to AASB 15 Revenue