IFRS 15 outlines a five-step process for revenue recognition. Which option correctly lists the second step?

IFRS 15 outlines a five-step process for revenue recognition. Which option correctly lists the second step?

• A. Identify the contract; Identify performance obligations; Determine transaction price; Allocate transaction price; Recognize revenue
• B. Identify the contract; Determine transaction price; Identify performance obligations; Allocate transaction price; Recognize revenue
• C. Identify performance obligations; Identify the contract; Determine transaction price; Allocate transaction price; Recognize revenue
• D. Identify the contract; Identify performance obligations; Recognize revenue; Determine transaction price; Allocate transaction price

Answer: (A)