In this issue of our Revenue Recognition Serial we further explore the intricacies of Step 1: Identifying the contract(s) with a customer.
Normally, a business knows who its customers are and can identify its contracts, however, the specific requirements of Topic 606 contain some challenges that will require judgment and documentation around these conclusions.
The application of Topic 606 and each step requires the use of judgment and provides opportunities for multiple approaches. This publication is broken down into a systematic framework for applying the guidance that we believe to be helpful whenever Step 1 is applied.
Learn more in the second part of our Revenue Recognition Serial.