Read & Interact Chapter 3o

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What is a portfolio approach? Application of the five-step model to the company as a whole rather than to indivicual contracts. Application of the five-step model to a group of similar contracts, rather than an analysis of each individual contract Application of the five-step model to a company's investment portfolio. Correct Answer Appiication of the five-step model to a group of similar contracts, rather than an analysis of each individual contract Which of the following are required to be disclosed regarding contract balances? Amount of revenue recognized in the prior period that was excluded from the beginning contract iability balance. ([ mount o evenue ecognizea o curent pra s a st of cranges i th vansactonprie ([ segmngana enng baances ot conact asetsan vites [J LI JuJ Correct Answer Amount of revenue recognized in the current period as a result of changes in the transaction price. Beginning and ending balances of contract assets and liabiites, Explanation of significant changes in contract assets and liabilties. Firms are required to disclose [ sgmtcantusgments mace i the spicatn o e sancara ([ amexpanston oruen tn i expecs o satsy avetanaing perforanceabigatons ([ e sgoregate amount e tansactonpriceatactes o peiomnance abigatons it re unstisea LPLSLS a list of the incividuals working toward satisfying the performance obligations. Correct Answer significant judgments mace in the application of the standard an explanation of when the firm expects to satisfy outstanding performance obligations. the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied.
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