The first step of ASC 606 is to identify the contract with a customer. ASC 606 outlines many criteria, including legal enforceability and collectability.
Posts Authored by Clark Nielson
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An extended example applying ASC 606’s three criteria for recognizing revenue over time to goods and measuring revenue over time using inputs or outputs.
Explanation and examples of the indicators that a consignment arrangement exists, including comparison to ASC 605.
Analysis of the updated definition of a customer in ASC 606’s scope considerations, including examples of common transactions in a business context.
Analysis of the scope considerations of ASC 606 and how ASC 606 interacts with other guidance, including an example of a transaction with mixed guidance.
Analysis and examples of estimating the transaction price of a contract with volume discounts under ASC 606.
