Revenue recognition is governed by a structured framework designed to ensure consistency and accuracy in financial reporting. The $5-$step model under ASC $606$ and IFRS $15$ provides a systematic approach to recognizing revenue.

$1.$ What are the five steps?

$2-$ Select one of the steps, explain and provide an example.

$3-$ What are some common ethical issues related to revenue recognition, and how can companies ensure compliance while maintaining integrity in their financial reporting?