Conditions for recognizing revenue over time:
1.The customer simultaneously receives and consumes the benefits of the seller’s performance.
2.The seller’s performance creates or enhances an asset that the customer controls.
3.The seller can measure the progress of the performance obligation towards completion.
4.The customer consumes the benefits of the seller’s performance as it is performed.
5.The seller has a right to payment for performance completed to date.
Conditions for recognizing revenue at a point in time:
1.The seller has transferred control of the asset to the customer.
2.The customer has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the asset.
3.The customer has the ability to access the benefits of the asset.
4.The seller has fulfilled all or substantially all of its performance obligations.
5.The seller has the right to payment for the asset.
