With new ASC 606 requirements, we need the ability to identify the Performance Obligation(s) under a Contract for purposes of properly applying revenue recognition rules. The suggestion is to add a Performance Obligation field within the Contract Master, separate from Contract Items, that could be used for reporting. Various reports would be affected, including all WIP reports, Over/Under Billing reports, etc.
Guest
| Company | EMCOR |
| Job Title / Role | V.P. & Controller, EMCOR Construction Services |
| I need it... | 3 months |
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To clarify, do you have one or more owner contracts rolling up to a single performance obligation (PO) or a single contract where the items may represent multiple POs?
Example #1 - Contract 100 and 200 (and all Items on both contracts) assigned to PO #1 (i.e. PO assigned to Contract Master, same PO may be used across Contracts)
Example #2 - Contract 100, Items 1,5,6 assigned to PO #1 and Items 2,3,4,7 assigned to PO #2 (i.e. PO assigned at Contract Item but not across Contracts)
Example #2 has been the common request. Depending on level of interest, our current thinking is to add an optional PO field to JC Contract Item and provide PO filtering on all standard Vista WIP reports