The revenue recognition principle requires that revenues be shown in the period in which they are earned, not when cash is collected. If payment is received in advance, it should be recorded as a liability, not as revenue. If this principle is not followed, users of financial statements may be led to believe that a corporation is doing better than it is. Required: Discuss the revenue recognition principle and the key changes resulting from the new IFRS 15 with local and global examples of any violation of IFRS 15. Required: 750- 1000 words Marks assigned: 10 marks Due date: 23th November 2021