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1. **Identify the contract(s) with a customer:** This seems simple enough, but you have to make sure there's a contract, whether written, oral, or implied. It must have commercial substance, and the parties need to have approved it. If you have several contracts, it must meet the criteria to be combined into one contract. When does this happen? The first is when the contracts are negotiated as a package, if the amount of consideration to be paid in one contract depends on the price or performance of the other contract. The contracts are a single performance obligation. Now, if you are a real estate company, you can sell a plot of land and a house. Are these a single contract? In the vast majority of cases, it will be. But, what if you are selling a car, and you're selling insurance, and you're getting a service plan? It depends on the details, but it could be one or many. In essence, it all comes down to the terms, what the customer has control of, and what the consideration is.
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