What are the key points from CON8 that support a clear definition of what constitutes revenue recognition?

What are the key points from CON8 that support a clear explanation of how the revenue recognition process works?

Con8 from FASB - https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176171111398&acceptedDisclaimer=true

Here is an example of the above using a template:

Revenue Recognition Definition—what makes revenue information useful:

CON Section No	Text	Topic Connection
QC6	Relevant information is capable in making a difference in the decisions made by users.	Revenues reported are relevant—they represent a key element in reporting.
QC12	A consistent process of revenue recognition faithfully represents the phenomena that it purports to represent.	Revenue recognition process as generating useful information.

Note: The section of the CON8 statement (QC12) and a paraphrasing and copying of the statement within the section. The QC12 statement can be used to support my definition of revenue recognition.

Answer rating: 100% (QA)

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