AASB 15 is the new revenue recognition accounting practice that replaced the earlier standards. The basic principle underpinning AASB 15 is that revenue should henceforth be recognized in a way that depicts a transfer of promised goods or services within an amount reflecting consideration (price) of the goods or services. In addition, it requires that a 5 –step model should be used in recognising revenues (Deloitte, 2017). In the first step, the contracts should be identified. The second step should identify the distinct performance obligations. Third step should determine the price of the transaction. The fourth step should allocate transaction price to performance obligations, and lastly, revenue should be recognized when and a as the performance obligation has been fulfilled.