Analysis and examples of contract assets and liabilities under ASC 606, including balance sheet presentation and implementation effects
Posts Authored by Christian Jones
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.
The prospective treatment method vs. the cumulative catch-up adjustment method of applying contract modification treatment under ASC 606.
The FASB and IASB provide a practical expedient on contract modification adjustment – the use of hindsight to account for all changes at once.