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

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

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.