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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What information must a company disclose about its performance obligations?

To determine

State the information disclosed by a company regarding its performance obligation.

Explanation

Performance obligation: “A performance obligation is a promise made by a customer to transfer goods or services in the contract”. “Performance obligations can be explicit or implicit and it need not be legally enforceable”.

Companies should disclose the following with respect to its performance obligation:

  • “Description of its performance obligations”.
  • “Companies should also disclose the significant judgments used by the company to recognize revenue for performance obligations satisfied over time”...

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