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33.5 Revenue and related costs considerations for private companies
Publication date: 31 May 2023
us Financial statement presentation guide
Certain exemptions are provided in the revenue standard to simplify the disclosure requirements for nonpublic reporting entities. Such reporting entities must follow the disclosure requirements described in FSP 33.4.1 through FSP 33.4.7 with some modifications. Figure FSP 33-4 summarizes the modifications to the disclosure requirements for nonpublic reporting entities.
Figure FSP 33-4
Nonpublic reporting entity disclosure considerations
Nonpublic reporting entity disclosure considerations
Disclosure type | Related information |
Disaggregated revenue
| Nonpublic reporting entities may elect to not apply the quantitative disaggregation of revenue disclosure guidance discussed in FSP 33.4.1; however, if this election is made, the reporting entity must at a minimum disclose:
|
Reconciliation of contract balances
| Nonpublic reporting entities can elect to disclose only the opening and closing balances of contract assets, contract liabilities, and receivables from contracts with its customers. The other disclosures described in FSP 33.4.2 (contract assets and contract liabilities) are optional.
|
Performance obligations
| Descriptive disclosures of a reporting entity’s performance obligations are required for nonpublic reporting entities; however, disclosures regarding remaining unsatisfied or partially satisfied performance obligations are optional. Disclosures regarding revenue recognized from performance obligations satisfied (or partially satisfied) in previous periods are optional. See FSP 33.4.3.
|
Significant judgments
| Nonpublic reporting entities must disclose the following:
The other disclosures of significant judgments as described in FSP 33.4.4 are optional.
|
Costs to obtain or fulfill a contract
| Disclosures of assets recognized from the costs to obtain or fulfill a contract with a customer described in FSP 33.4.5 are optional.
|
Practical expedients
| Disclosures on the use of practical expedients described in FSP 33.4 are optional.
|
Interim financial statement disclosures
| The interim financial statement disclosures described in FSP 33.4.7 are optional.
|
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