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now that you know a little bit more about the five step model within ase 606 itamp;#39;s time to dig deeper into the various steps of that model in this course weamp;#39;ll cover step one identifying the contract with the customer now i know what youamp;#39;re saying mike i donamp;#39;t really need to know any more about step one itamp;#39;s pretty much a slam dunk that might be the case but hereamp;#39;s the problem if you donamp;#39;t have a contract as defined by ase 606 you canamp;#39;t recognize any revenue and so in this course weamp;#39;ll cover those criteria for a contract to exist as well as the accounting thatamp;#39;s required if youamp;#39;ve received cash but those criteria are not met at contract inception weamp;#39;ll also cover combination of contracts in other words when you enter into contracts with the same customer at or around the same time ase 606 requires you to combine those contracts for accounting purposes and thatamp;#39;s it itamp;#39;
