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Assessing whether a good or service is a performance obligation does not apply when the promised good or service

 is immaterial in the context of the contract with the customer.

 does not include the activities that an entity must undertake to fulfill a contract unless those activities transfer a good or service to a customer. For example, administrative tasks to set up a contract. are not promised goods or services in the contract with the customer, and therefore, would not be considered a performance obligation.

Keep in mind that the term “immaterial” is not defined in FASB ASC 606, Revenue from Contracts with Customers; consider referring to FASB ASC 105, Generally Accepted Accounting Principles. FASB ASC 105-10-05-6 explains that the provisions in the FASB ASC need not be applied to immaterial amounts.

A word of caution, although FASB ASC 606-10-25-16A established that immaterial items are not required to be assessed as promised goods or services for purposes of identifying performance obligations, entities should consider the relative significance or importance of a particular promised good or service at the contract level rather than at the financial statement level, considering both the quantitative and the qualitative nature of the promised good or service in the contract. Additionally, FASB ASC 606-10-25-16B clarifies that this approach to materiality does not apply to customer options and related material rights, where specific guidance in paragraphs 41 -45 of FASB ASC 606-10-55 applies.

The following are some types of promised goods or services that may be included in a contract with a customer; keep in mind that the following is not all inclusive:

 Sale of goods produced by an entity (for example, inventory of a manufacturer)

 Resale of goods purchased by an entity (for example, merchandise of a retailer)

 Resale of rights to goods or services purchased by an entity (for example, a ticket resold by an entity acting as a principal)

 Performing a contractually agreed-upon task (or tasks) for a customer

 Providing a service of standing ready to provide goods or services (for example, unspecified updates to software that are provided on a when-and-if-available basis) or of making goods or services available for a customer to use as and when the customer decides

 Providing a service of arranging for another party to transfer goods or services to a customer (for example, acting as an agent of another party)

 Granting rights to goods or services to be provided in the future that a customer can resell or provide to its customer (for example, an entity selling a product to a retailer promises to transfer an additional good or service to an individual who purchases the product from the retailer)

 Constructing, manufacturing, or developing an asset on behalf of a customer

 Granting licenses

 Granting options to purchase additional goods or services (when those options provide a customer with a material right)

The term material right is not defined in FASB ASC 606 but is used quite often throughout the illustrative examples in FASB ASC 606. Understanding whether a customer was promised a material right is important because material rights generally give rise to separate performance obligations. Assessing whether an entity has granted a customer a material right might be a bit confusing. To assist in this assessment, an entity will need to consider whether the customer received a promise to acquire an additional good or service they would not have been entitled to had they not entered into the contract. The following are a few examples, although not all inclusive, that might give rise to a material right:

 A customer purchasing a good from an entity and upon completion of the transaction receives a coupon or voucher for a percentage off their next purchase.

 A customer who is part of an entity’s customer loyalty program purchases a service from an entity, such as airfare, and a certain amount of loyalty points for future use.