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Revenue recognition - Contracts with Customers

Determination of separate performance obligations

ABCSales Corp licenses customer relationship management software to XYZ Services Corp. In addition, ABCSales promises to provide consulting services to significantly customize the software to the XYZ's information technology environment for total consideration of $600,000.

Prepare a short memorandum answering the following question:
Question: Are the software and consulting services one performance obligation or two?

In your memo, you need to cite and analyze the proper sections of the Accounting Standards Codification.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92640483

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