An updated edition of A guide to revenue recognition is now available. Our comprehensive guide is designed to assist with the application of the guidance in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. This edition was updated to address additional issues encountered in practice and highlight upcoming changes to certain sections of the guidance. The following list highlights some of the topics added, expanded upon, or otherwise updated in this edition of our revenue recognition guide:
- Settlement of disputes relating to contracts accounted for in accordance with ASC 606 resulting in payments to or proceeds from a customer
- One-time customer payments received as part of a contract modification to reduce the scope of the contract
- Use and application of the residual approach
- Contract costs recognized in accordance with ASC 340-40, Other Assets and Deferred Costs – Contracts with Customers
- Accounting for consideration received from a vendor
A summary of all significant changes made in this edition can be found in Appendix F of the guide.
