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The core principle of the revenue recognition standard is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

In order to achieve the core principle of the revenue standard, an entity should be able to perform the following five steps:

 Step 1: Identify the contract with a customer

 Step 2: Identify the performance obligations in the contract

 Step 3: Determine the transaction price

 Step 4: Allocate the transaction price

 Step 5: Recognize revenue when or as the entity satisfies a performance obligation

In this chapter, we will focus primarily on concepts involving step 2, identifying the performance obligations in a contract.