FASB Staff issues Q&As on revenue recognition
Jan 31, 2020
In January 2020, the Financial Accounting Standards Board (FASB) staff issued a Q&A document, Revenue Recognition Implementation Q&As.
The Q&As are compiled from previously issued educational materials and address the following topics:
- Scope
- Step 1 — Identifying the contract
- Step 2 — Identifying the performance obligation
- Step 3 — Determining the transaction price
- Step 4 — Allocating the price to the performance obligation
- Step 5 — Recognizing revenue
- Licensing
- Presentation
- Contract costs
Review the Q&A document on the FASB's website.