title: New FASB standard addresses revenue recognition considerations.
abstract: Healthcare organizations are expected to apply the following steps in revenue recognition under the new standard issued in May 2014 by the Financial Accounting Standards Board: Identify the customer contract. Identify the performance obligations in the contract. Determine the transaction price. Allocate the transaction price to the performance obligations in the contract. Recognize revenue when--or in some circumstances, as--the entity satisfies the performance obligation.
authors.forename: Thomas E
authors.initials: TE
authors.lastname: McKee
mesh_terms: D000066:Accounting / Q000592:standards*; D032982:Contracts / Q000191:economics*; D004469:Economics, Hospital; D014481:United States