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ASC 606 Revenue from Contracts with Customers
The standard takes an asset and liability approach and articulates a core principle on which the new guidance is based. Achieve the core principle, entities should follow these steps: identify the contract with customer (ASC 606‐10‐25‐1 through 25‐13); identify performance obligations (promises) in the contract (ASC 606‐10‐25‐1 through 25‐13); and determine the transaction price (ASC 606‐10‐32‐2 through 32‐27). They also allocate the transaction price (ASC 606‐10‐32‐28 through 25‐41), and recognize revenue when or as the entity satisfies a performance obligation by transferring promised goods or services to a customer (ASC 606‐10‐25‐23 through 25‐30). In reviewing a transaction, each of the five steps above may not be needed, and they may not always be applied sequentially. Although the model is based on an assets and liabilities or control approach as opposed to the risk and rewards approach under previous standards, risk and rewards are a factor when determining control for point in time revenue recognition.
ASC 606 Revenue from Contracts with Customers
The standard takes an asset and liability approach and articulates a core principle on which the new guidance is based. Achieve the core principle, entities should follow these steps: identify the contract with customer (ASC 606‐10‐25‐1 through 25‐13); identify performance obligations (promises) in the contract (ASC 606‐10‐25‐1 through 25‐13); and determine the transaction price (ASC 606‐10‐32‐2 through 32‐27). They also allocate the transaction price (ASC 606‐10‐32‐28 through 25‐41), and recognize revenue when or as the entity satisfies a performance obligation by transferring promised goods or services to a customer (ASC 606‐10‐25‐23 through 25‐30). In reviewing a transaction, each of the five steps above may not be needed, and they may not always be applied sequentially. Although the model is based on an assets and liabilities or control approach as opposed to the risk and rewards approach under previous standards, risk and rewards are a factor when determining control for point in time revenue recognition.
ASC 606 Revenue from Contracts with Customers
Flood, Joanne M (author)
Wiley <fc>GAAP</fc> 2019 ; 645-707
2019-03-19
63 pages
Article/Chapter (Book)
Electronic Resource
English
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