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FASB ASC 606, commonly referred to as the revenue recognition standard, includes all of the following in its fivestep process to recognize revenue except Group

FASB ASC 606, commonly referred to as the revenue recognition standard, includes all of the following in its fivestep process to recognize revenue except

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Identify the performance obligations in the contract.

Allocate the transaction price to the performance obligations in the contract.

Recognize revenue when (or as) the entity is paid for a performance obligation.

Identify the contract with the customer.

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