If the performance obligation is not highly dependent on, or interrelated with, other promises in the contract, then each performance obligation should be accounted for separately. True/False

Yes, it is true that If the performance obligation is not highly dependent on, or interrelated with, other promises in the contract, then each performance obligation should be accounted for separately.

Explanation:

A performance obligation exists when an entity provides a distinct product or service.

It is a promise to provide a “distinct” good or service to a customer.

When there are multiple promises in a contract, companies will need to determine whether those goods or services are distinct, and therefore separate performance obligations for to avoid ambiguity.

Performance obligations in each contract can be identified by a company by first considering whether or not the goods or services are distinct.

If distinct, a customer can benefit from the good or service on its own because the good or service is separable from the other goods or services in a contract.

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