Revenue recognition IFRS 15

1. Explain the five steps of revenue recognition according to IFRS 15 using the following example:

Company Boat (B) manufactures and sells sailboats. In addition to selling the boats the company offers its customers the possibility of entering into a servicing agreement for maintenance of the boats. B also provides maintenance services and equipment sales separately. B enters into an agreement with a customer to deliver a boat and to provide maintenance services for a period of three years for 20.000. The price for similar maintenance contracts for a year is 1.000 and the purchase price for the boat is 18.000 when sold separately. The customer pays 4.000 in advance and the remaining amount at delivery.

2. How would you account for a right to return?
3. How would you calculate the transaction price if there was no stand-alone selling price?