01 September 2020

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 of its liabilities (or a combination of both) from delivering or producing goods, rendering serv

31 August 2020

11.1 Overview–contract costs

Entities sometimes incur costs to obtain a contract that otherwise would not have been incurred. Entities also may incur costs to fulfill a contract before a good or service is provided to a customer. The revenue standard provides guidance on costs t

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 contract modification exists when the parties to the contract approve the modification either in

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.

30 August 2020

3.4 Assessing whether a good or service is “distinct”

Management will need to determine whether goods or services are distinct, and therefore separate performance obligations, when there are multiple promises in a contract. ASC 606-10-25-19 and IFRS 15.27 A good or service that is promised to a customer