Recognize that entities aren’t compelled to adopt Topic 606. The decision to do so is the choice of the entity’s management, not you. Inform the appropriate client decision-makers of their options (e.g., whether to adopt the standard and any judgments and estimates related to implementing ...
The New Revenue Recognition Standard: FASB ASC 606doi:10.1002/9781119563976.app9,
Below is a high-level summary of the ASUs issued in 2020, including the rationale for the standard, the applicability and the effective dates. ASU 2020-01 – Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging...
Measurement The ASU does not give guidance on the initial measurement, recognition and derecognition of crypto assets. Accordingly, entities must apply other U.S. GAAP, such as ASC 350-30,Intangibles ― Goodwill and Other; ASC 805,Business Combinations; ASC 606,Revenue from Contracts with Cust...
Summary of Disclosures Category Overview Required Expense Categories Purchases of inventory The expenditures disclosed in this category would be (1) within the scope of ASC 330 and, as applicable, ASC subtopics that provide industry-specific guidance on inventory (e.g., ASC 908-330) and ...
Audit and Accounting Guide (Construction Contractors) || The New Revenue Recognition Standard: FASB ASC 606doi:10.1002/9781119557630.app1,