Some factors will create an impact on the company’s performance obligations.
Agent and principal: The mediators will deliver the goods and services to the end customer. The companies have to decide whether these goods and services are to be delivered by them or find an agent to deliver them to their customer. In the case of the delivery by the company, it’s itself then it is said to be the principal, and if they hire a third party, it will be the agent for this delivery. The delivery is by the principal, then the amount received from the customer will be considered the gross amount. Only the commission will be recognized as the final amount if the agent delivers the goods and services.
Additional Goods and Services: The customer options will have certain options regarding the additional goods and services. These options may include things like customer loyalty points or the discounted renewal for the contracts. This option offers an exact right to the consumer then it is called distinct performance obligation.
Warranties: The performance obligation includes warranties. These warranties are mainly classified into a warranty with the assurance that does not include a distinct performance obligation and the service warranty that includes a distinct performance obligation.
Revenue Recognition and Performance Obligation
Revenue recognition involves a series of steps, and the performance obligation is one of the main things which aid revenue recognition. This process includes several steps starting from identifying the customer and the performance obligation in the contract. The rate of the transaction will be identified after that. This rate will be given to the contract for the performance obligations. Finally, the revenue recognition will be done after the performance obligations. In revenue recognition, the company has to determine whether the revenue is recognized at a point in time or is identified over time. It should be identified before the contracts begin.
Measurement of Performance Obligation Over the Period
The performance obligation will be done in the period if the customer receives goods and services and its advantage. There are three methods for calculating the performance obligation in a period.
Output method: In the output, the method company will find the overall performance. The overall performance obligation is calculated in proportion to the performance obligation which has been fulfilled. The company will either take the entire obligations they fulfilled or consider the obligations that are yet to be fulfilled.
Input method: The company will assess the attempts made to complete the performance obligations. The assessment or calculation will be done on the total number of performance obligations. The firm will include the cost, time, and machine, and labor hours.
At the time: This method is also called a point in time. In the previous stage, the company had found that the performance obligations had been satisfied. In this stage, the company will seek the time when the obligation has been fulfilled. Some factors will assess this. If the customer receives the possession and ownership and the company receives the price for the performance obligation, it will be considered the point of time for the performance obligation.
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