This article addresses the trajectory of the digital asset world and its relation to accounting principles.
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The final step of the Accounting Standards Codification (ASC) 606 five-step model states that a company recognizes revenue when control of a promised good or service is transferred to the customer. We explain this guidance generally in a separate article,…
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 oil and gas entities face as they transition to ASC 606.
In the recent 2020 AICPA conference, revenue recognition was a hot topic, especially relating to principal-agent guidance and identification of performance obligations.
Guidance for loss contracts is not included in ASC 606, but is instead included in ASC 605.
Power and Utility entities face unique issues as they apply ASC 606: Gain a deeper understanding of how to navigate these issues.
Software entities face unique issues as they apply ASC 606. Gain a deeper understanding of how to navigate these key issues.
This article outlines the differences between the U.S. and international accounting standards for revenue recognition.
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.
Health care entities face unique issues as they apply ASC 606. Gain a deeper understanding of how to navigate these key issues.
Airlines face unique issues as they apply ASC 606. Gain a deeper understanding of how to navigate these key issues.
Analysis and examples of when a significant financing component exists in a contract and how to account for it under ASC 606.
Analysis of the input and output methods to measure progress towards completion of a performance obligation satisfied over time in ASC 606
Analysis and examples of how customers’ unexercised rights (breakage) affect how the transaction price is allocated to performance obligations
Analysis and examples of the different types of Stand-Ready Obligations under ASC 606.
