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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.
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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.
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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.
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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
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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
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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.
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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.
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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.
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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.
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Variable Consideration vs. Optional Purchases
Understand the key differences between variable consideration and customer options for additional goods or services under ASC 606.
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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.
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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.
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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.
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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.
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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.
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ASC 606 vs IFRS 15
This article outlines the differences between the U.S. and international accounting standards for revenue recognition.
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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.
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Understanding & Accounting for Cryptocurrency Payments
This article addresses the trajectory of the digital asset world and its relation to accounting principles.
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Licenses for Intellectual Property
Key accounting issues that arise from licenses of intellectual property under ASC 606, including changes from ASC 605.
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Variable Consideration and the Constraint
Analysis and example of estimating variable consideration and applying the constraint under ASC 606.
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Stand-Ready Obligations
Analysis and examples of the different types of Stand-Ready Obligations under ASC 606.
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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.
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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.