4. Revenue Recognition Accounting Standards Issued May 2014

d. describe key aspects of the converged accounting standards for revenue recognition issued by the International Accounting Standards Board and Financial Accounting Standards Board in May 2014;

As part of the converged IASB and FASB accounting standards, issues May 2014, what is the five-step process to recognize contract revenue over time? 1. Identify contract(s) with a customer 2. Identify the separate performance obligations in the contract 3. Determine the transaction price 4. Allocate the transaction price to the separate performance obligations 5. Recognize revenue when the entity satisfies each performance obligation