Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items: 1. What alternative approaches can be used to estimate variable consideration? 2. What alternative approaches can be used to estimate the stand-alone selling price of performance obligations that are not so separately? 3. What determines the timing of revenue recognition with respect to licenses of symbolic intellectual property? 4. What indicators suggest that a seller is a principal rather than an agent? > Answer is complete but not entirely correct. Requirement Topic Subtopic Section Paragraph
Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access. Required: Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items: 1. What alternative approaches can be used to estimate variable consideration? 2. What alternative approaches can be used to estimate the stand-alone selling price of performance obligations that are not so separately? 3. What determines the timing of revenue recognition with respect to licenses of symbolic intellectual property? 4. What indicators suggest that a seller is a principal rather than an agent? > Answer is complete but not entirely correct. Requirement Topic Subtopic Section Paragraph
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Access the FASB Accounting Standards Codification at the FASB website (www.fasb.org) and select Basic View for free access.
Required:
Determine the specific nine-digit Codification citation (XXX-XX-XX-XX) for accounting for each of the following items:
1. What alternative approaches can be used to estimate variable consideration?
2. What alternative approaches can be used to estimate the stand-alone selling price of performance obligations that are not sold
separately?
3. What determines the timing of revenue recognition with respect to licenses of symbolic intellectual property?
4. What indicators suggest that a seller is a principal rather than an agent?
Requirement
1
23
|
4
> Answer is complete but not entirely correct.
Topic Subtopic Section Paragraph
606
606
606
606
3
10✔
10
10
10
3333
32
32
55
55
3
> >
8 ✔
34
37 x
39
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