QUESTION 3 (5 MARKS) The revenue recognition principle of MFRS 15 Revenue from contracts with Customers is to recognize revenue to depict the transfer of goods or services to customers in an amount that reflect the consideration that the company receives, or expects to receive, in exchange for these goods or services. The objective of MFRS 15 is to establish principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity's contracts with customers. Required: a. State the five-step revenue recognition model that should be applied to recognize revenue under MFRS 15 Revenue from Contracts with Customers. (5 marks) (CLO2:PL07:C6)