Revenue Recognition: Determining Transaction Price

Posted by Julie Killian on November 20, 2017

Julie Killian

Over the past several months Clayton & McKervey has provided information about the new revenue recognition standard released by the Financial Accounting Standards Board (FASB); (Revenue from Contracts with Customers: Topic 606). The standard replaces the current revenue guidance found in multiple places in the FASB codification, and provides a single comprehensive standard that will apply to nearly all industries and will significantly change how revenue is recognized. The standard provides a five step process for recognizing revenue, as follows: Identify the contract with the customer Identify the performance obligations in the contract Determine the transaction price for the contract …

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Julie Killian

Director of Assurance

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