FASB ASC 606 Introduces the Concept of a Performance Obligation

question 53

Essay

FASB ASC 606 introduces the concept of a performance obligation in recognizing revenue. Discuss:
a. A performance obligation is a promise in a contract to provide a product or service to a customer. This promise may be explicit, implicit, or possibly based on customary business practice.
a. How a performance obligation is defined under FASB ASC 606?
b. How companies determine if a performance obligation exists?
b. To determine whether a performance obligation exists, a company must determine whether the customer can benefit from the good or service on its own or together with other readily available resources.

Recognize the diversity within the LGBT community and the impact of race/ethnicity, disability, socioeconomic, and religious/spiritual affiliations on the coming out process.

Identify common myths and misconceptions about bisexual individuals.

Understand the varying rates of substance abuse within the LGBT community.

Comprehend the unique challenges faced by transgender individuals, particularly in recovery.