NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 1 - STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES continued  AASB 15/IFRS 15 –  Revenue from Contracts with Customers In May 2014, AASB 15/IFRS 15 was issued which establishes a single comprehensive model for entities to use in  accounting for revenue arising from contracts with customers. Specifically, the standard introduces a 5-step  approach to revenue recognition:  Under AASB 15/IFRS 15, an entity recognizes revenue when (or as) a performance obligation is satisfied, i.e. when  ‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer. The effective date of this standard is for fiscal years beginning on or after 1 January 2017. Management is currently  assessing the impact of the new standard and plans to adopt the new standard on the required effective date.  .  • Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.  • Step 4: Allocate the transaction price to the performance obligations in the contract.  • Step 3: Determine the transaction price.  • Step 2: Identify the performance obligations in the contracts.  • Step 1: Identify the contract(s) with a customer  - 72 - 