- Outline the mechanism for revenue recognition under IAS 18 and IFRS 15. - IFRS 15 requires an entity to consider indicators of the transfer of control. Identify THREE such indicators. - A company should apply five steps to achieve the core principle of revenue recognition under IFRS 15 . What are the FIVE steps - Recognizing long-term contract revenue using the completed contract methoc and the percentage of completion method as well as estimating percentage complete based on expenditure incurred as a percentage of total estimated expenditure. (refer to worksheet shared in class) Assume that AAA Construction Corp. has a contract to build a ship for $1,000 and a reliable estimate of the contract's total cost is $800. Project costs incurred by AAA are as follows: AAA Project Costs Determine AAA's net income from this project for each year using the percentage-ofcompletion and completed contract methods in accordance with U.S. GAAP