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Revenue Recognition (other revenue recognition issues (Consignments…

- - - - Full or partial refund
      - Credit that can be applied against amounts owed, or that will be owed, to the seller
      - Another product in exchange
- - - - Variable consideration
      - Time value of money
      - Non-cash consideration
      - Consideration paid or payable to customers
  - - - adjusted market assessment approach
      - Exoected cost plus a margin approach
      - Residua approach
  - - - sale of product from inventory
      - performing a sevices
      - Permitting use of an asset
      - Sale of asset other than inventory
  - - - has a right to payment for asset
      - has transferred legal title to asset
      - has transferred physical possession of asset
      - has significant risks and rewards of ownership
      - has accepted the asset
  - - - Agreement between two or more parties that creates enforceable rights or obligations.
      - Can be written, oral, or implied from customary business practice.
    - - Company obtains rights to receive consideration and assumes obligations to transfer goods or services
      - Rights and performance obligations gives rise to an (net) asset or (net) liability
      - Revenue cannot be recognized until a contract exists
      - Company does not recognize contract assets or liabilities until one or both parties to the contract perform
    - - Change in contract terms while it is ongoing
      - Companies determine a new contract result or modification of the existing contract
      - Prospective modification
- - - - Unconditional rights
      - Conditional rights