Revenue recognition

The new standard (ASC 606) provides a comprehensive, industry-neutral revenue recognition model intended to increase financial statement comparability across companies and industries.

Where Should I Start?

Where Should I Start?

30 April 2021

1.2 High-level overview of the revenue standard

Revenue is defined in the revenue standard as: Definition from ASC 606-10-20 Revenue: Inflows or other enhancements of assets of an entity or settlements

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US Revenue guide 1.2

31 August 2020

11.1 Overview–contract costs

Reporting entities sometimes incur costs to obtain a contract that otherwise would not have been incurred. Reporting entities also may incur costs to

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US Revenue guide 11.1

31 August 2020

2.9 Contract modifications

A change to an existing contract is a modification. A contract modification could change the scope of the contract, the price of the contract, or both. A

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US Revenue guide 2.9

31 August 2020

12.2 Scope of ASC 853

ASC 853-10-15-2 describes the scope of ASC 853, while ASC 853-10-15-2 includes the criteria to be a service consession arrangement.

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US Revenue guide 12.2

31 August 2020

3.4 Assessing whether a good or service is “distinct”

Each distinct good or service is a performance obligation. Performance obligations are the unit of account for purposes of applying the revenue standard

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US Revenue guide 3.4

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Insights from PwC
05 June 2019

Private company ASC 606 adoption: Contract review considerations (US2019-10)

Most nonpublic companies will be required to adopt the new revenue standard in 2019. As part of their implementation, companies will need to review their contracts and assess the accounting impact of various contract terms.

Click here US In depth 2019-10

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