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Question 1

Criteria for Recognition in Financials

Answer 1

Definitions - The item meets the definition of an element of financial statements.

Measurability - The item or element is considered to have relevant attributes measurable with adequate reliability.

Relevance - The information about it is capable of making a difference in user decisions.

Reliability - The information is representationally faithful, verifiable, and neutral.

Question 2

5 steps revenue recoginition

Answer 2

1. Identify the contract with a customer
   顧客との契約を特定する
2. Identify the performance obligations in the contract
   契約に含まれる履行義務（パフォーマンスオブリゲーション）を特定する
3. Determine the transaction price
   取引価格を決定する
4. Allocate the transaction price to the performance obligations in the contract
   取引価格を契約内の履行義務に配分する
5. Recognize revenue when (or as) the entity satisfies a performance obligation
   履行義務を充足した時点（または充足するにつれて）収益を認識する