Required: Match each description to the appropriate step under IFRS 15

Required: Match each description to the appropriate step under IFRS 15. Description The entity assesses the risk, timing, or amount of the entity's future cash flows expected to change as a result of the contract. A separate performance obligation is identified for each distinct good or service. The entity allocates the transaction price to each performance obligation based on the stand-alone selling prices. The entity assesses the goods or services promised in a contract. The entity assesses whether the performance obligation is satisfied over time or at a point in time. The entity can identify each partys rights regarding the goods or services to be transferred. The entity considers the impact of variable consideration, significant financing components, non- cash consideration, and consideration payable to the customer. The entity determines it is probable that they will collect the consideration in exchange for the goods or services that will be transferred to the customer. The entity determines the total amount that they expect to receive for delivering the promised goods and services under the contract. The entity recognizes revenue when (or as) the entity satisfies a performance obligation. The parties to the contract have approved the contract in writing, orally or in accordance with other customary business practices. FRS step 1 step 2 step 3 Step 4 step 5