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The primary source of existing FASB authoritative guidance on inventory is ASC 330, Inventory. This chapter assumes adoption of ASC 606, Revenue from Contracts with Customers.

1.1.1 FASB developments

The new revenue standard (ASC 606) is currently effective for most calendar year-end public business entities (PBEs). For calendar year-end non-PBEs, it will become effective in their 2019 annual financial statements and in 2020 for interim reporting. The SEC has stated that they would not object to certain PBEs (i.e., entities that are PBEs solely due to the inclusion of their financial statements or financial information in another entity’s filing with the SEC) adopting the new revenue standard using the time line otherwise afforded private companies. See PwC’s Revenue from contracts with customers guide for information on the application and effective date of ASC 606.
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