How can we recognize and record the revenues in real estate development company for project 5 years at end of the first year according to IFRS 15?

Thank you for your answer.

Appreciate that

he core principle of IFRS 15 is that an entity recognises revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognises revenue in accordance with that core principle by applying the following steps:

1-Step 1: Identify the contract(s) with a customer

2-Step 2: Identify the performance obligations in the contract

3-Step 3: Determine the transaction price

4-Allocate the transaction price to the performance obligations in the contract

5-Recognise revenue when  the entity satisfies a performance obligation