FIVE STEP PROCESS

The new standard has developed a 5 step method to support the core principal: Recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

1.  Identify contract(s) with customer

2.  Identify Performance obligations

3.  Determine the transaction price

4.  Allocate transaction price 

5.  Recognize revenue

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While every business and situation is different, the information here is relavant to all industries.