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Connected concepts: Practical point for small- and medium-sized private companies
ОглавлениеUnlike larger companies, many private companies do not have written contracts with their customers and therefore it may be a bit more difficult for these private companies to identify performance obligations because some promises to customers may be based on customary business practices established over the years. Although not all inclusive, these companies might want to consider the following:
As private companies identify the customary business practices they have established, they should consider documenting them in writing to assist in the assessment of separate performance obligations as well as establish an overall consistent policy.
When searching for customary business practices, consider reviewing notices posted at the business establishment such as, “We value our customers and provide training on all of our products free of charge.”
If a private company has a website, they should review its contents making sure they have not stated something on the website that might be considered a customary business practice.