1, identify the contract with the customer;

2. Determine the individual's performance of obligations in the contract;

3. Determine the transaction price;

4. Allocate the transaction price to each individual performance obligation;

5. Income is recognized when fulfilling personal performance obligations.

The new accounting standards have been revised with reference to International Financial Reporting Standards, which reflects the convergence of China's accounting standards and international accounting standards. The original income standards include selling goods, providing labor services, transferring the right to use assets and construction contract standards, which have the defects of simplifying the recognition of various incomes, and the boundary between income standards and construction contract standards is not obvious.