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This chapter addresses the third step of the revenue model, which is determining the transaction price in an arrangement. The transaction price in a contract reflects the amount of consideration to which a reporting entity expects to be entitled in exchange for goods or services transferred. The transaction price includes only those amounts to which the reporting entity has rights under the present contract. Management must take into account consideration that is variable, noncash consideration, and amounts payable to a customer to determine the transaction price. Management also needs to assess whether a significant financing component exists in arrangements with customers.

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