Common ASC 606 Issues: Real Estate Entities
Implementing ASC 606 requires a substantial amount of time and expertise, with specific challenges rising in each industry. Gain a deeper understanding of the key issues that real estate institutions face as they transition to ASC 606.
Identify the Contract
The first step of ASC 606 is to identify the contract with a customer. ASC 606 outlines many criteria, including legal enforceability and collectability.
Principal/Agent Considerations (Gross vs Net) in ASC 606
Analysis and examples of the criteria for determining principal vs. agent (gross vs. net) presentation under ASC 606
Common ASC 606 Issues: Mining Entities
Implementing ASC 606 requires a substantial amount of time and expertise, with specific challenges rising in each industry. Gain a deeper understanding of the key issues that mining entities face as they transition to ASC 606.
Presentation of Contract Assets and Contract Liabilities in ASC 606
Analysis and examples of contract assets and liabilities under ASC 606, including balance sheet presentation and implementation effects
Variable Consideration vs. Optional Purchases
Understand the key differences between variable consideration and customer options for additional goods or services under ASC 606.
Revenue Recognition Over Time
Description of the three criteria in ASC 606 for determining whether revenue is recognized over time. Illustrative examples of each criterion are included.
Nonrefundable Upfront Fees
Analysis of revenue recognition for nonrefundable upfront fees under ASC 606, including when the fees relate to specific performance obligations or material rights.
Common ASC 606 Issues: Gaming Entities
Implementing ASC 606 requires a substantial amount of time and expertise, with specific challenges rising in each industry. Gain a deeper understanding of the key issues that gaming entities face as they transition to ASC 606.
Common ASC 606 Issues: Aerospace & Defense Entities
Implementing ASC 606 requires a substantial amount of time and expertise, with specific challenges rising in each industry. Gain a deeper understanding of the key issues that A&D entities face as they transition to ASC 606.
Allocating Variable Consideration in ASC 606
Analysis and illustrative examples of the two criteria given in ASC 606 for allocating variable consideration to performance obligations.
Common ASC 606 Issues: Retail Entities
Implementing ASC 606 requires a substantial amount of time and expertise, with specific challenges rising in each industry. Gain a deeper understanding of the key issues that the retail and consumer products industry faces in the transition to ASC 606.
Common ASC 606 Issues: Engineering & Construction Entities
Implementing ASC 606 requires a substantial amount of time and expertise, with specific challenges rising in each industry. Gain a deeper understanding of the key issues that engineering & construction entities face as they transition to ASC 606.
Combining Contracts
Analysis and examples of the criteria for determining if contracts entered into with a customer at or near the same time must be combined for revenue recognition.
Rights of Return and Customer Acceptance in ASC 606
Depending on the type, a right of return may be a variable consideration under ASC 606.
ASC 606 vs IFRS 15
This article outlines the differences between the U.S. and international accounting standards for revenue recognition.
Contract Modifications Part I – Separate Contracts
Analysis of the two options for treatment of contract modifications under ASC 606: (1) treated as a modification or (2) treated as a separate, standalone contract.
Understanding & Accounting for Cryptocurrency Payments
This article addresses the trajectory of the digital asset world and its relation to accounting principles.
Licenses for Intellectual Property
Key accounting issues that arise from licenses of intellectual property under ASC 606, including changes from ASC 605.
Variable Consideration and the Constraint
Analysis and example of estimating variable consideration and applying the constraint under ASC 606.
Stand-Ready Obligations
Analysis and examples of the different types of Stand-Ready Obligations under ASC 606.
Customer Options for Additional Goods or Services
Analysis and examples of how ASC 606 treats future discounts given to customers in a current sale, including diversity in thought and comparison to ASC 605.
Noncash Consideration
Determine the transaction price of a contract with noncash consideration under ASC 606, including when and how to measure the variable consideration caused by fluctuating fair value.