What Are The 5 Steps to Revenue Recognition?

Posted on November 17, 2020 by

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The accounting industry identified the need to form a single, unified, global revenue recognition strategy 15 years ago; announcing the final standard in May 2014. While this announcement may have been years in the making, the time for companies to absorb and implement the changes is now.

What is the new revenue recognition standard?

In general terms, the new standard moves from the rules-based approach accountants are used to in US GAAP to a more principles-based approach, and eliminates the industry-specific guidance providing fairly straightforward methods of recognizing revenue in an entity. Instead, it offers very broad guidelines requiring significant judgment to recognize revenue across most industries. Rather than determining which US GAAP standard to apply to a transaction, management must now determine how to apply this single standard to all transactions. This new standard takes effect in 2018 for public company financial statements, and in 2019 for private entities.

The new standard offers two adoption methods from which to chose: the “retrospective method” or the “cumulative effect” method. Although it may seem as if there is plenty of time, the work involved in preparing for this change will be extensive. For most, this change will be the largest and most complex accounting project experienced in the profession.

Impacts of the Change

Different industries will see varying levels of impact from the new standard implementation. Some of the most significant indicators of change are as follows:

  • Complex contracts with numerous variables or terms and conditions
  • Contracts with multiple revenue streams, such as a contract providing tooling and production parts
  • Contracts which are not well documented; resulting in data which will be difficult to accumulate
  • Contracts with variable consideration
  • Contracts containing significant costs in order to obtain the contract, such as sales commissions
  • Contracts providing a customer with the right of return, or which have customer acceptance provisions
  • Contracts with customer warranties

The Five-Step Plan

Tackling the standard is a daunting task. The initial Accounting Standards Update 2014-09 included 156 pages and many subsequent clarifications. Although there are numerous considerations for each contract, the starting point at the most fundamental level is clear. The standard has five distinct steps that have to be performed in order to recognize revenue:

  1. Identify each contract the company has with a customer
  2. Identify the performance obligations in the contract
  3. Determine the transaction price for the contract
  4. Allocate the transaction price to each specific performance obligation
  5. Recognize the revenue when the entity satisfies each performance obligation

Each customer contract must be evaluated separately in the context of the new standard and the five steps, without regard to how revenue was recognized for that contract in the past. Each of the five steps has many potential judgments and variables to be considered, which translates to the need to make a commitment of time and resources to adopt the new standard.

If your company has not already developed an implementation plan it is highly recommended that you commit to a plan early this year. For private companies a good timeline would be as follows:

  1. Contract & System Analysis

  • Assign a team to understand the standard and to lead the implementation, if this has not already been done
  • Educate team members and others internally
  • Make a tracking spreadsheet of all contracts and terms
  • Identify the current processes for initiating, storing and accounting for contract data
  • Determine if you will use a retrospective or cumulative effect transition method
  • Utilize the new standard by applying the 5 steps to individual contracts
  • Determine the differences from current GAAP, and review the impacts
  • Document judgments made for each contract
  • Consider the need to change any processes including IT systems and internal controls
  1. Beginning Implementation

  • Consider running parallel revenue recognition systems
  • Determine the full financial impact the standard will have taking into consideration things such as key performance indicators, debt covenants, and compensation agreements.
  • Communicate with key stakeholders, such as bankers, investors, governing boards and any others who may be impacted by the change in revenue recognition.
  1. Mandatory Implementation

  • Implement the transition method selected to the contracts
  • Implement any changes needed to IT systems, processes and controls
  • Continue to keep an open line of communication with key stakeholders during implementation

Step 1: Identify the Contract with the Customer

The first step of identifying the contract with the customer may sound easy as we all know when we have a contract in place, right?

ASC 606 has some nuances which make this more complicated than it may seem. This new standard defines a contract as an agreement between two or more parties that creates enforceable rights and obligations. The standard also states that enforceability is “a matter of law.”  As such, there are five elements that have to be present in order to have a contract under ASC 606:

  1. The parties to the contract have approved the contract (in writing, orally, or in accordance with other customary business practices), and are committed to perform their respective obligations.
  2. The entity can identify each party’s rights regarding the goods or services to be transferred.
  3. The entity can identify the payment terms for the goods or services to be transferred. This step is a substantial change from current generally accepted accounting principles (GAAP) which requires fixed and determinable payment terms. ASC 606 allows for variable consideration. The contract has commercial substance (that is, the risk, timing, or amount of the entity’s future cash flows is expected to change as a result of the contract).
  4. It is probable that the entity will collect substantially all of the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer.  Recognizing whether a contract exists requires some evaluation of the customer, and if collection is likely to occur. For example, the amount of consideration likely to be collected does not have to be the contractually stated amount. It can be the contractually stated amount less anticipated price concessions based on history or industry practice.  In determining whether a contract exists, an entity only needs to consider the customer’s ability and intention to pay or, in other words, credit risk. Other uncertainties related to performance or measurement are considered in Step 3: Determining the Transaction Price and Step 5: Recognizing Revenue when the Performance Obligation is satisfied.

ASC 606 states that the process of establishing existence of contracts with customers will vary across legal jurisdictions, industries and entities. The existence of enforceable rights and obligations may depend on the class of customer or the nature of the goods or services.

Right to Cancel

It is important to know that a contract does not exist if either party to the contract has the unilateral enforceable right to terminate a wholly unperformed contract without compensating the other party. The new standard defines a wholly unperformed contract as one in which:

  • The entity has not transferred any promised goods or services to the customer
  • The entity has not received and is not yet entitled to receive any consideration for promised goods or services

Subsequent Accounting for a Contract

Once an entity determines that there is a contract based on the above criteria, there is no requirement to reassess the existence of a contract unless there is a significant change in circumstances. One of the examples given in the standard refers to substantial deterioration in a customer’s ability to pay for the goods or services after a contract begins. In this instance an entity may have to reassess whether it will collect the consideration to which it is entitled in exchange for the remaining goods or services in the contract. If the ability to pay for future obligations is not probable, then the criteria for a contract are not met. Clearly, an assessment like this involves significant judgment. The concept of bad debt expense and credit losses still exists and will be recognized as an expense in the income statement, as it is today. However, an entity will have to consider if credit deterioration of a customer relates to performance obligations that were already satisfied (bad debt) or performance obligations of the future which may impact the existence of a contract.

When a contract does not exist because the criteria above are not met, or are no longer met, a contract liability is measured and recorded at the amount of consideration received from the customer until revenue can be recognized.  The standard allows revenue recognition in these circumstances when one of the following occurs:

  1. The entity has no remaining obligations to transfer goods or services to the customer and substantially all of the consideration promised has been received and is non-refundable
  2. The contract has been terminated and the consideration received is non-refundable
  3. The entity has transferred control of the goods or services to which the consideration received relates, and there is no obligation under the contract to transfer additional goods or services, and the consideration received is non-refundable

Combining Contracts

Two or more contracts entered into at or near the same time, with the same customer, can be accounted for as a single contract if one or more of the following are met:

  1. The contracts are negotiated as a package with a single commercial objective
  2. The amount of consideration to be paid in one contract depends on the price or performance of the other contract
  3. The goods or services promised in the contracts are a single performance obligation

Contract Modifications

A contract modification is a change in the scope or price (or both) of a contract that is approved by the parties to the contract. In some industries and jurisdictions, a contract modification may be described as a change order, a variation, or an amendment. A contract modification exists when the parties to a contract approve a modification that either creates new, or changes existing, enforceable rights and obligations of the parties to the contract. A contract modification could be approved in writing, by oral agreement, or implied by customary business practices.

A contract modification under the new standard has several different accounting treatments depending on the circumstances. It may be treated:

  • As a separate contract
  • As a termination of an existing contract and creation of a new contract
  • As part of the existing contract

In evaluating the seemingly simple Step 1 – Identifying the Contract with the Customer there are some important things to keep in mind. First, an entity should review each of their contracts, possibly engaging the services of legal counsel to ensure that the contracts create legally enforceable rights and obligations. Attention should also be given to an entity’s credit policies to make sure that collectability of consideration under customer contracts is probable. The guidance on contract modifications briefly mentioned above is complex and may require careful consideration if this is common practice in your company or industry.

Step 2: Identifying the Performance Obligations

Step two is a critical step because it impacts both how much revenue will be recognized, as well as when a company can record revenue.  ASU 606 defines a performance obligation as a promise to provide a good or service to a customer. The promise can be explicitly stated, implicit, or assumed based on customary business practices. Understanding all of the promises in a contract is a challenging part of this new guidance. The contract definition is very broad and is not limited to the goods or services clearly described in the contract. The definition encompasses promises implied by other means such as customary business practices, published policies and specific statements through email or other communication. If any of those promises lead to an expectation by the customer that the entity will deliver a good or service, under the new guidelines, it must be honored.

In order to allocate the transaction price to performance obligations the good or service has to be:

  • A distinct good or service or bundle of goods or services, or
  • A series of distinct goods or services that are materially the same and have the same pattern of transfer to the customer

The FASB describes a distinct good or service as one that generates an economic benefit to the customer on its own or together with other readily available resources. A readily available resource would be a good or service that is sold separately or a resource that the customer already has. A good measure of whether a good or service is distinct, is to determine if it can be sold on a standalone basis. Often times there are multiple performance obligations in a contract. These are accounted for on a standalone basis if they are separately identifiable or distinct from other promises in the contract.

A series of distinct goods or services has the same pattern of transfer if each good or service in the series can be considered a performance obligation satisfied over time. The same method is used to measure progress toward completion for each distinct good or service in the series.

Performance obligations are satisfied and revenue can be recognized when a customer obtains control of the asset or benefits from the services provided. Performance obligations are completed and revenue is recognized either at a point in time or over a period of time, depending on certain facts.

  • At a point in time – a company has to go through the criteria to determine if a performance obligation is satisfied over time. If it does not meet those criteria, then the performance obligation is satisfied and revenue recognized at the point in time when control of the good or service is transferred to the customer.
  • Over a period of time – a performance obligation is satisfied and revenue is recognized over time if any one of the following are met:
    • The customer receives and consumes the benefits of the goods or services as they are provided by the entity (routine, recurring services like a cleaning service are an example of a series of services that are substantially the same and have the same pattern of transfer)
    • The goods or services create or enhance an asset that the customer controls as that asset is created or enhanced (this would be common for contractors who may renovate a home owned by the customer, or build a structure on land owned by the customer)
    • The asset created does not have an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date (some examples are custom design services, or construction of a custom product to customer specifications). An enforceable right to payment for performance completed to date should include the right to costs incurred to date and a reasonable profit margin.

When a performance obligation and revenue is recognized over time, it is similar to what is known in the current revenue recognition literature as percentage of completion. The primary difference is that the revenue is intended to be recognized in a pattern that represents the transfer of control to the customer. The standard provides two acceptable methods of measuring progress:

  • Output method – Revenue is recognized based on the value transferred to the customer relative to the remaining value to be transferred. Some examples would be, surveys of performance completed to date, appraisals of results, milestone reached, time elapsed and units produced.
  • Input method – Revenue is recognized based on the entity’s effort to satisfy the performance obligation, relative to the total expected effort to satisfy the performance obligation. Some examples are, resources consumed, labor hours expended, costs incurred, time elapsed and machine hours used. The input method has to carefully consider if the inputs truly measure progress to completion. For example, materials may be purchased and recorded as inputs to the project, but due to uninstalled materials or inefficiencies resulting in wasted material, the full amount may not properly depict progress.

Once the performance obligations have been identified, then it is time to move to Step 3: Determining the transaction price.

Step 3: Determining the Transaction Price

Step 3 describes the promise a customer makes to pay for the performance obligations identified in the contract. ASU 606 defines transaction price as the amount of consideration the entity expects to be entitled to, in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (eg. sales tax).

In some revenue transactions the transaction price is clear. For example, a customer walks into a store and buys a new coat for its normal full price of $200. The customer pays the money to the store and the store gives the customer the coat. The transaction is complete and the store records $200 of revenue.

Under the new revenue recognition standard, this straightforward transaction could become complicated if, for instance, the customer can return the coat for a full refund. Complexities like variable consideration, rights of return and other terms inherent in some contracts can make determining the transaction price a little tricky.

Variable Consideration

Variable consideration is an amount dependent on the occurrence or non-occurrence of a future event. Variable consideration includes discounts, rebates, refunds, price concessions, incentives, performance bonuses, penalties, rights of return and other price modifications. The variability can be explicitly stated in the contract or can be implied through customer business or industry practices or other means. ASC 606 requires an entity to estimate the impact of the expected variability in the transaction price and allocate it to the performance obligations so it is recognized as revenue. This differs from current US GAAP which would not have a company record variable consideration until the contingency was resolved.

In the new standard, variable consideration can be estimated two ways:

  1. The expected value method which is the sum of the probability weighted amounts in a range of possible outcomes.
  2. “The most likely amount method” which is the one most likely outcome of the contract. This method is best suited to when there are only two possible outcomes, such as a company finishes ahead of schedule and receives a performance bonus or not.

These two methods are not intended to be policy choices. A company is supposed to pick the method which is the best estimate of the variable consideration depending on the facts and circumstances. In general, the concept of variable consideration applies to contracts where the revenue will be recognized over time rather than at a point in time.

Constraining Estimates of Variable Consideration

As previously mentioned, the transaction price should include an estimate of variable consideration only if it is unlikely that there will be a significant reversal of the revenue recognized when the uncertainty related to the variable consideration is resolved.

In assessing whether it is probable that there will be a significant reversal in revenue recognized, both the likelihood and the magnitude of the revenue reversal are considered. Factors which could increase the likelihood or the magnitude of a revenue reversal include, but are not limited to, any of the following:

  • The amount of consideration is highly impacted by factors outside the entity’s influence. Things such as volatility in a market, the judgment or actions of third parties, weather conditions, and a high risk of obsolescence of the promised good or service.
  • The uncertainty about the amount of consideration is not expected to be resolved for a long period of time.
    The entity’s experience with similar types of contracts is limited making it difficult to predict the likelihood of reversal.
  • The entity typically offers a broad range of price concessions or changes payment terms and conditions of similar contracts in similar circumstances.
  • The contract has a large number and broad range of possible consideration amounts.

Refund Liabilities

Under the new standard revenue should be offset by a refund liability if the company expects that refunds will occur. The amount of the refund liability should be estimated, and the estimate adjusted each reporting period. When a right of return exists, in addition to the right to a refund, an asset is recognized with an offset to cost of goods sold for the value of the expected returned goods. This means the entry to record revenue would look something like this:

Refund Liability:                                                     Right of Return:

Accounts receivable: 100                                     Right of return asset: 5

Revenue: 80                                                              Cost of goods sold: 5

Refund liability: 20

The estimates of the refund liability and right of return asset should be updated at the end of each period resulting in an increase or decrease in the revenue recognized. A right of return asset is measured at the original inventory carrying amount, less the expected cost to recover the asset, less any anticipated decrease in the value of the asset.

Significant Financing Components

ASC 606 requires an entity to adjust the transaction price for the time value of money even if the contract does not explicitly call for a financing component. For contracts where the period of time between delivery of the product or services to the customer and the customer payment is less than a year, there is a practical expedient that can be used to eliminate consideration of the time value of money. For all other long term contracts, an entity must consider if there is a financing component. (If customer payments are deferred, the entity recognizes interest income; if payments are accelerated, the entity recognizes interest expense.) In order to assess in a contract contains a financing component and if it is significant to the contract the analysis should consider if:

  • There is a difference between the amount of promised consideration and the true cash selling price of the promised goods or services, and
  • The combined effect of both of: (a) the expected length of time between when the entity transfers the promised goods or services to the customer and when the customer pays for those goods or services; and (b) the prevailing interest rates in the relevant market.
  • The standard lists certain situations that would not indicate a financing component. These are:
    • The customer paid for the goods or services in advance, and the timing of the transfer of those goods or services is at the discretion of the customer.
    • A substantial amount of the consideration promised by the customer is variable, and the amount or timing of that consideration varies on the basis of the occurrence or nonoccurrence of a future event not substantially within the control of the customer or the entity (eg. if the consideration is a sales-based royalty).
    • The difference between the promised consideration and the cash selling price of the good or service arises for reasons other than the provision of finance to either the customer or the entity, and the difference between those amounts is proportional to the reason for the difference. For example, the payment terms might provide the entity or the customer with protection from the other party failing to adequately complete some or all of its obligations under the contract.

The interest income or interest expense should be presented separately from revenue from contracts with customers in the income statement. Interest income or interest expense is recognized only to the extent that a contract asset (or receivable) or a contract liability is recognized in accounting for a contract with a customer.

Non Cash Consideration

Some contracts may include arrangements in which a customer promised consideration in a form other than cash. The estimated fair value of the non-cash consideration at the beginning of the contract should be included in the transaction price. Any variation in the fair value of non-cash consideration after the initial measurement at contract inception does not affect the transaction price.

Consideration Payable to a Customer

Consideration payable to a customer includes cash amounts paid, or expected to be paid, to the customer as well as things like credits, coupons or vouchers that can be applied against what is owed to the seller company. Consideration payable to a customer reduces the transaction price and therefore revenue the company recognizes in a transaction unless the consideration is in exchange for a distinct good or service and does not exceed the fair value of that good or service.

Final Takeaway

Clearly, determining the transaction can be more complicated than it sounds. The considerations above historically have not been required in determining the amount of revenue recognized. Depending on the particular facts and circumstances, variable consideration may result in the acceleration of revenue recognition. The analysis of all of the factors needed to determine the transaction price will require significant judgments by management. It will be important to make sure that the processes and controls are strong in order to support consistent and reliable revenue reporting.

Step 4: Allocating the Transaction Price

After determining the transaction price in Step 3, companies need to allocate that transaction price to the specific performance obligations identified in the contract. The transaction price is allocated to the performance obligations based on its relative standalone selling price.  The standalone selling price for each good or service representing a performance obligation should be determined at the contract inception.

The standalone selling price is defined as the price that an entity would sell the good or service for if they sold it separately to a customer.  The best evidence of that price is if the entity has separate actual sales to customers of a similar good or service. Many times this easily observable selling price is not available, so an entity has to estimate it using observable inputs where possible. Some of these inputs include market conditions, entity-specific factors, and customer information. The methodology to estimate standalone selling price should be applied consistently in like circumstances.

ASC 606 includes specific suitable methods for estimating the standalone selling price of goods and services, including:

  1. Adjusted market assessment approach: An entity evaluates the market in which it sells goods or services and estimates the price a customer in that market would be willing to pay for the goods or services. This approach may also include using prices from the entity’s competitors for similar goods or services and adjusting those prices as needed to reflect the entity’s costs and margins.
  2. Expected cost plus a margin approach: An entity estimates the expected costs to satisfy a performance obligation and then adds an appropriate margin for that good or service.
  3. Residual approach: An entity may estimate the standalone selling price by reference to the total transaction price less the sum of observable standalone selling prices of other goods or services in the contract. This method can only be used if one of the following criteria are met:
  • There is a broad range of current selling prices to other customers and no single representative selling price
  • The good or service has not previously been sold and there is no established price for the good or service

It is possible that an entity may need to use a combination of methods. Some other considerations in allocating transaction price are allocation of a discount and the allocation of variable consideration.

Allocation of a Discount

A customer may receive a discount for purchasing a bundle of goods or services. When this occurs the sum of the standalone selling prices of the promised goods and services may exceed the promised consideration in a contract (i.e. the bundle is sold at a discount). Because the total transaction price is allocated based on relative standalone selling prices this discounted price only causes complexity when the discount should be allocated to one or more specific performance obligations, but not all. A discount should be allocated entirely to certain performance obligations, but not all, if the following criteria are met:

  • The entity regularly sells each distinct good or service on a standalone basis
  • The entity regularly sells on a standalone basis a bundle of some of those distinct goods or services at a discount to their standalone selling prices
  • The discount attributable to each bundle described in (2) is substantially the same as the discount in the contract and the performance obligations to which the entire discount belongs is readily observable

If there is a discount allocated to some but not all performance obligations in the contract, the allocation should be made before using the residual approach to estimate any standalone selling prices.

Allocation of Variable Consideration

Variable consideration in a contract may be related to the entire contract or to a specific part of the contract. The variable amount of the consideration should be allocated entirely to a performance obligation or to a distinct good or service that forms part of single performance obligation if both of the following criteria are met:

  1. The terms of the variable payment relate directly to a performance obligation
  2. Allocating the variable consideration entirely to a single performance obligation meets the overall goal to allocate the transaction price in an amount that the entity expects to receive for that individual good or service. In other words, the variable consideration can be allocated entirely to a performance obligation if it doesn’t result in allocating more or less revenue than should be allocated based on standalone selling prices.

Subsequent changes in selling prices should be allocated to the contract in a way that is consistent with the original allocation of the transaction price, except in some unique circumstances where changes relate to one specific performance obligation or there is a contract modification.

One of the important considerations in step 4 of ASC 606 is the concept of observable evidence.  Good documentation of the manner of determining observable evidence for standalone selling prices, allocating discounts and variability will be important. The requirements in Step 4 will require significant judgment and resources to document the conclusions.

Step 5: Recognizing the Revenue

In step five, after successfully navigating steps one through four, it is time to recognize revenue. This happens as each performance obligation is met by transferring a promised good or service to a customer. The transfer is complete when a customer obtains control of an asset or a service.

Like many of the other steps, there are judgments to be made. One critical judgment is whether the performance obligation is satisfied at a point in time (i.e. the promised good or service is transferred to the customer all at once) or if it is satisfied over time (i.e. the good or service is transferred to the customer as performance occurs). It’s important to note that the determination about when a performance obligation is satisfied happens separately for each performance obligation in a contract.

Another important judgment is determining when a customer obtains control of the good or service. This determines the point at which the performance obligation is satisfied. The standard defines control as the ability to direct the use of, and obtain substantially all of the remaining benefits from the good or service in a reasonable way. Some examples include:

  • Using the asset to produce goods or provide services
  • Consuming it to improve an asset or decrease costs
  • Selling or exchanging the asset for other valuable goods, services, or rights
  • Transferring the asset to settle a liability
  • Licensing or leasing the asset to others
  • Pledging the asset as a security interest
  • Holding the asset so that others cannot use it

Note that determining control as it applies in the revenue recognition standard is not always the same as the concept of control in other accounting standards, such as ASC Topic 810 – Consolidation or ASC Topic 860 – Transfers of Financial Assets. It is important to understand control in the context of ASC Topic 606 – Revenue from Contracts with Customers.

Again, performance obligations can be satisfied, and revenue recognized, over time or at a point in time. As covered in step two, one of the following criteria has to be met to recognize revenue over time:

  • The customer receives and consumes the benefits of the goods or services as they are provided by the entity (services like cleaning, lawn care, certain accounting and legal services)
  • The goods or services create or enhance an asset that the customer controls as the asset is created or enhanced (this would be common for contractors who may renovate a home owned by the customer, or build a structure on land owned by the customer)
  • The asset created does not have an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date (some examples are custom design services, or construction of a custom product to customer specifications). An enforceable right to payment for performance completed to date should include the right to costs incurred to date and a reasonable profit margin.

When recognizing revenue over time, the objective is to do so in a pattern commensurate with the transfer of control to the customer. The standard allows the use of output or input models to measure progress towards completion.

Under the new standard recognizing revenue over time is not a policy choice as the percentage of completion was prior to ASC 606. It is required for situations that meet the criteria noted above. If the criteria are not met then revenue is recognized at the point in time that control passes to the customer.

For more information about revenue recognition, contact Clayton & McKervey.

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