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Standalone Selling Price
Learn about SSP and determine how to setup your rules
Standalone Selling Price
Using the SSP library ASC 606 is mostly commonly understood as a that you can read more about on the AICPA site here. After identifying the contract, determining performance obligations and the transaction price, the next step is to allocate the transaction price to the performance obligations based on the "standalone selling price" or SSP.
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Understanding SSP rules
Standalone selling price rules The standalone selling price is defined as the price at which a vendor would sell a promised product (goods or services) separately to a customer. ASC 606 allows for several different approaches to establishing standalone price for products sold. REVLOCK enables users to easily define rules that can be used to establish standalone price automatically in full compliance with ASC 606. Standalone Price Policy REVLOCK help easy configuration of Standalone
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Updating your SSP library
Learn how to maintain your SSP library You can easily download your current SSP library into Microsoft Excel change it and load it back up again. The library is expressed as a single sheet called "StandaloneSellingPrice" with a rule for every product you are selling. You can download a sample sheet here. Standalone Selling Price Library Format 