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Input vs. Output Methods in ASC 606

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Analysis of the input and output methods to measure progress towards completion of a performance obligation satisfied over time in ASC 606

Construction contracts often fall under the circumstances outlined in the ASC 606 revenue recognition standard where either the input or output method is acceptable for measuring progress toward completion of a contract.

Presentation of Contract Assets and Contract Liabilities in ASC 606

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Analysis and examples of contract assets and liabilities under ASC 606, including balance sheet presentation and implementation effects

ASC 606 gives specific guidance on how businesses present their assets and liabilities in financial statements.

Revenue Recognition Over Time

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Description of the three criteria in ASC 606 for determining whether revenue is recognized over time. Illustrative examples of each criterion are included.

A clock represents the time aspect of recognizing revenue over time under the criteria stipulated in ASC 606.

Standalone Selling Prices in ASC 606

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A breakdown of the methods used to identify standalone selling price.

The concept of standalone selling prices involves identifying the individual "price tags" for each of the performance obligations in a contract.

The Five-Step Method

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Summary of each of the five steps of ASC 606 and key issues entities need to consider when completing each step.