I apologize if this is the wrong forum for this question. My question is related to the ASC 606, the new revenue recognition standard. The steps for this standard are:
(1) Identify the contract
(2) Identify performance obligations
(3) Identify the transaction prices
(4) Allocate (3) based on (2).
(5) Recognize revenue as promises are fulfilled.
But what is the main difference between VSOE and SSP? I researched but they are both standalone prices if the products were to be sold independently rather than as a bundle.
How will this new standard impact the software industry on average?
AUD - 92 BEC - NINJA in Training FAR - 90 REG - 88