Software revenue recognition may change under ASC 606, especially when distinct elements of PCS are determined to be separate performance obligations.
Software no longer has industry-specific guidance. See how to recognize revenue for Cloud-Software hybrid contracts under ASC 606. Extended example included.
Accounting Standards Codification (ASC) 606 places the responsibility on management to recognize revenue in a way that “depict[s] the transfer of promised goods and services to customers in an amount … [they] expect to be entitled,” per ASC 606-10-05-3. For…
In many FinTech contracts, services get cheaper with higher volume. This article shows the proper accounting for such a contract under ASC 606.
Explore the process of continued improvement to ASC 606 as stakeholders raise concerns, questions, and implementation issues to the TRG.
Statements made by Chief Accountant of the SEC imply a more authoritative role for the Revenue Recognition TRG; this may have unintended consequences.
Stay up-to-date on an entity’s required ASC 606 transition date and its most beneficial transition method, which varies based on entity type and industry.
