Question: QUESTION 2 ( 1 5 ) ( a ) Discuss the importance of revenue recognition and the principles outlined in IFRS 1 5 . (

QUESTION 2(15)(a) Discuss the importance of revenue recognition and the principles outlined in IFRS 15.(5)(b) XYZ Ltd. recognizes revenue upon shipment of goods. Discuss potential risks associated with this policy and suggest an alternative approach. (5)(c) What are the five steps of revenue recognition under IFRS 15, and how would these apply to XYZ Ltd.?(5)

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