Outstanding support in AXI slave


I have an AXI master and AXI slave in my design. The master can send up to 32 outstanding transactions with different IDs. (Both master and slave have 5 bit ID ports)

What kind of logic is to be implemented in the AXI slave, to have capability to accept 32 outstanding requests? Does it require a FIFO of depth 5 that determines the arready/awready? 

Thanks in advance.

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