- To identify performance obligations, a contractor needs to determine whether or not the goods or services are distinct. The complexity arises in evaluating the promise(s) in the contract and determining whether they should be accounted for separately or together.
- Promised goods or services identified in a contract with a customer may not be limited to the goods or services that are explicitly stated in that contract. A contract with a customer may also include promises that are implied.
- To properly identify and account for performance obligations when other parties are involved in providing goods or services to a customer, a construction contractor must determine whether its performance obligation is to provide the good or service itself or to arrange for another party to do so.
- The Village of Union Grove utilizes Baker Tilly's outsourced accounting team to streamline operations.
- A Congressional Budget Office (CBO) scoring of the GOP’s American Health Care Act, which passed the House of Representatives, found 23 million more Americans would be uninsured in a decade.
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