Five-step model

Framework used in accounting for revenue recognition, involving a systematic approach to ensure accurate financial reporting. The model includes identifying the contract with a customer, identifying the performance obligations, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when the performance obligation is satisfied. This model is particularly beneficial for accountants and financial professionals who need to ensure compliance with revenue recognition standards.

Five-step model was discovered on May 3rd 2023 and it currently has a search volume of 140 with a growth of +80%.