Question
What are the key points from CON8 that support a clear definition of what constitutes revenue recognition? What are the key points from CON8 that
What are the key points from CON8 that support a clear definition of what constitutes revenue recognition?
What are the key points from CON8 that support a clear explanation of how the revenue recognition process works?
Con8 from FASB - https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176171111398&acceptedDisclaimer=true
Here is an example of the above using a template:
Revenue Recognition Definition—what makes revenue information useful:
CON Section No | Text | Topic Connection |
QC6 | Relevant information is capable in making a difference in the decisions made by users. | Revenues reported are relevant—they represent a key element in reporting. |
QC12 | A consistent process of revenue recognition faithfully represents the phenomena that it purports to represent. | Revenue recognition process as generating useful information. |
Note: The section of the CON8 statement (QC12) and a paraphrasing and copying of the statement within the section. The QC12 statement can be used to support my definition of revenue recognition.
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