It’s been a decade in the making, but in 2014 the Financial Accounting Standards Board (“FASB”) released Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers creating a new codification topic, Topic 606, ushering in a new era of revenue recognition. This is our second in a five part series of Revenue Recognition (ASC 606) webinars. The first was a basic overview of the standard. This webinar took a deep dive into steps 1 (identifying the contract) and 2 (identifying performance obligations) of the new revenue standard.