Under the new revenue recognition guidelines in ASC Topic 606, which of the following statements is not true regarding performance obligations satisfied over time?
The firm must determine at each reporting date the extent to which the performance obligation has been satisfied.
Output and input methods may be used for measurement purposes.
To obtain quality measurement, input methods must always be closely related to the transfer of the goods or services to the customer.
Usable input measures include labor hours, costs incurred, and time elapsed.