- How do the revenue and the new lease standards interact?
- Do I have to recognize variable consideration prior to all contingencies being resolved?
- How should minimum guarantees in a sales-and-usage-based contract be accounted for?
- Are ASC 606 and IFRS 15 the same?
- How does collectability affect revenue recognition?
- Does VSOE go away under ASC 606?
- Does ASC 606 replace ASC 605?
- If the agreement is wholly unperformed, does each party have the enforceable right to terminate the contract without compensating the other party?
- Has the contract been approved and are both parties committed to perform their respective obligations?
- Does the contract identify each party’s rights regarding the goods or services to be transferred?
- Does the contract include payment terms for the goods or services to be transferred?
- Does the contract have commercial substance?
- Is it probable that, in exchange for the transferred goods or services, the consideration to which the entity is entitled will be collected?
- Were multiple contracts with the same customer (including its related parties) entered into at, or near, the same time?
- Were the contracts negotiated as a package with a single commercial objective?
- Does the consideration for any of the agreements depend on the price or performance of any of the other contracts?
- Do the goods or services promised in the contracts represent a single performance obligation?
- For promised good(s) or service(s), can the customer benefit from it on its own or with resources readily available?
- Is the performance obligation a series of goods or services that are substantially the same and that have the same pattern of the transfer to the customer?
- For the performance obligation is another party involved in transferring the good or service to each customer?
- Does the warranty offer the customer a service in addition to the assurance that the product complies with agreed-upon specification?
- How to treat fixed cash consideration anticipated to be received?
- What is the total potential variable consideration?
- How much consideration is not expected to be received, and / or is expected to be returned due to refunds, price concessions or similar items?
- Does the transaction price include a significant financing component?
- What is the fair value of non-cash consideration to be received?
- What is the total amount of consideration that will be paid to the customer without a distinct good, or service, being receive?
- What portion of the transaction price relates to rights not expected to be exercised by the customer?
- Does the agreement include bill-and-hold provisions?
- Are the products separately identified as belonging to the customer?
- Is the entity prevented from transferring the product to a third-party?
- Does the agreement include a customer acceptance clause(s), where compliance cannot be objectively determined that the good(s) are compliant with the agreed-upon specifications in the contract?
- Does the agreement include consignment provisions or there are indicators that the agreement is a consignment of the related product(s)?
- Does the contract include repurchase provisions (i.e., an obligation (Forward), right (option) to repurchase the asset OR can the customer require the entity repurchase the asset (Put)