​The standard on revenue recognition in Egyptian accounting regulations provides a comprehensive, principle-based framework for recognizing revenue. It replaces multiple legacy standards with a single, uniform five-step model designed to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. This approach requires companies to identify the contract, identify the performance obligations, determine the transaction price, allocate the transaction price to the performance obligations, and recognize revenue as those obligations are satisfied.