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FASB Staff issues Q&As on revenue recognition

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

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.

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