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The second step in accounting for a contract with a customer is identifying the performance obligations. Performance obligations are the unit of account for purposes of applying the revenue standard and therefore form the basis for how and when revenue is recognized. Identifying the performance obligations requires judgment in some situations to determine whether multiple promised goods or services in a contract should be accounted for separately or as a group. The revenue standard provides guidance to help reporting entities develop an approach that best reflects the economic substance of a transaction.
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