FASB Staff Issues Q&As on Revenue Recognition January 31, 2020 The FASB staff has issued a Q&A document, Revenue Recognition Implementation Q&As. The Q&As are compiled from previously issued educational materials and address the following topics: Scope. Step 1 — Identifying the contract. Step 2 — Identifying the performance obligation. Step 3 — Determining the transaction price. Step 4 — Allocating the price to the performance obligation. Step 5 — Recognizing revenue. Licensing. Presentation. Contract costs.