Wiley GAAP: Financial Statement Disclosure Manual

37ASC 606 REVENUE FROM CONTRACTS WITH CUSTOMERS

1. Authoritative Literature
   1. Technical Alerts
      1. ASU 2019‐08
      2. ASU 2020‐05
      3. Revenue
   2. Scope
      1. Scope Exceptions
      2. Contracts Partially in Scope
      3. Sale or Transfer of Nonfinancial Assets
   3. Five Steps in the ASC 606 Revenue Model
2. Step 1: Identify the Contract with the Customer
   1. The Contract
   2. Enforceable Rights and Obligations
   3. The Five Contract Criteria
   4. Collectibility Threshold
   5. Arrangements Where Contract Criteria Are Not Met
   6. The Portfolio Approach and Combining Contracts
      1. A Practical Expedient
      2. Combination of Contracts Required
   7. Identifying the Customer
      1. Collaborative Arrangements
3. Step 2: Identify the Performance Obligations
   1. Determining Whether a Good or Service Is Distinct
   2. Series of Distinct Goods or Services That Are Substantially the Same and Have the Same Pattern of Transfer
4. Step 3: Determine the Transaction Price
   1. Significant Financing Component
      1. Variable Consideration
      2. Sales‐based or Usage‐based Royalty Exception to Variable Constraint Guidance
   2. Noncash Consideration
   3. Consideration Payable to the Customer
5. Step 4: Allocate the Transaction Price
   1. Determining the Stand‐alone Selling Price
   2. Allocating the Transaction Price
   3. Changes in the Transaction Price
6. Step 5: Recognize Revenue When (or as) the Entity Satisfies a Performance Obligation
   1. Control of an Asset
   2. Performance Obligations Satisfied Over Time
   3. Performance Obligations Satisfied at a Point in Time
   4. Measuring Progress Toward Complete Satisfaction of a Performance Obligation
      1. Practical ...