Problem
Stop and think. In this example, you'll be asked to stop and think about an issue, then to search the Codification for applicable guidance.
I. Stop and think. Your company sells season passes to a waterpark that it owns. The passes are good from June 1 to September 30 of a given year. The company must determine the appropriate pattern of recognition for recording this revenue. What does your instinct tell you?
II. Now, perform research within the Codification to find guidance on this issue. How does the authoritative guidance describe this issue?
III. Finally, consider: Was your instinct consistent with the guidance for this issue? How did this instinct help you evaluate the guidance you found?