JOANNE M. FLOOD, CPA-NY, has 20 years' experience at the AICPA, managing, developing, and writing accounting and auditing training. She pioneered the AICPA's e-learning product line and developed the AICPA online IFRS Certificate Program. She has also had accounting experience at major corporate clients in retail, manufacturing, and finance, and at small business clients in construction, manufacturing, and professional services. She is the author of Wiley GAAP, Wiley GAAS, and Wiley Financial Statement Disclosure Checklist.

Executive Summary 1

1 Step 1—Identify the Contract with the Customer 27

2 Step 2—Identify the Performance Obligations 45

3 Step 3—Determine the Transaction Price 59

4 Step 4—Allocate the Transaction Price 85

5 Step 5—Recognize Revenue When (Or As) the Entity Satisfies a Performance Obligation 101

6 Other Issues 123

7 Contract Costs 159

8 Presentation and Disclosure 169

9 Implementation Issues 191

About the Companion Website 203

Index 205

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