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ASC 606 REVENUE FROM CONTRACTS WITH CUSTOMERS
Driven by the need to achieve simplification and consistency, the FASB and the IASB (the Boards) began a joint project in 2002. The resulting, basically converged, revenue standard, codified in ASC 340‐40, 606, and 610, is principles‐based, eliminating the existing transaction‐ and industry‐specific guidance. To compensate for the lack of rules, the ASC 606 provides extensive application guidance. The scope of ASC 606 is wide. It affects all public companies, nonpublic companies, and nonprofit organizations and applies to contracts with customers. ASC 606 uses the term “performance obligation” to distinguish obligations to provide goods or services to a customer from other obligations. If the entity uses a combination of methods, it needs to evaluate whether allocating the transaction price at those estimated stand‐alone selling prices is consistent with ASC 606's allocation objectives and the guidance on estimating stand‐alone selling prices.
ASC 606 REVENUE FROM CONTRACTS WITH CUSTOMERS
Driven by the need to achieve simplification and consistency, the FASB and the IASB (the Boards) began a joint project in 2002. The resulting, basically converged, revenue standard, codified in ASC 340‐40, 606, and 610, is principles‐based, eliminating the existing transaction‐ and industry‐specific guidance. To compensate for the lack of rules, the ASC 606 provides extensive application guidance. The scope of ASC 606 is wide. It affects all public companies, nonpublic companies, and nonprofit organizations and applies to contracts with customers. ASC 606 uses the term “performance obligation” to distinguish obligations to provide goods or services to a customer from other obligations. If the entity uses a combination of methods, it needs to evaluate whether allocating the transaction price at those estimated stand‐alone selling prices is consistent with ASC 606's allocation objectives and the guidance on estimating stand‐alone selling prices.
ASC 606 REVENUE FROM CONTRACTS WITH CUSTOMERS
Flood, Joanne M. (author)
Wiley GAAP 2021 ; 609-679
2021-03-09
71 pages
Article/Chapter (Book)
Electronic Resource
English
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