Problem:
Softronics is a new company who has developed and is about to sell a new software product. The software is designed to be installed, configured and implemented by the customer. The software package is not a consumer item but is expected to be purchased by a variety of businesses. Software is delivered via the customer downloading the package from the Softroincs site. The software package can then be activated by a "authorization code" that will be provided by Softronics. The CEO wants to ensure that the company accurately records the software product sales in accordance with Generally Accepted Accounting Principles. The CEO asks that you research and provide the criteria that the company must meet in order to record the associated sale of the software package.
Provide to the CEO, the criteria that must be met in order to record the sale of each software package. Use the FASB Codification System website for your research. Also, reference the Accounting Standards Codification that supports your criteria.