United States

ASC 606: Disclosure checklists for public and nonpublic entities


The Financial Accounting Standards Board Accounting Standards Codification (ASC) requires entities to disclose certain information to users of the financial statements about the nature, amount, timing and uncertainty of revenue and cash flows. The nature and extent of this information differs between public and nonpublic entities. For this purpose:

  • Public entities include: (a) public business entities, (b) not-for-profit entities that have issued, or are conduit bond obligors for, securities that are traded, listed or quoted on an exchange or an over-the-counter market and (c) employee benefit plans that file or furnish financial statements to the SEC.
  • Nonpublic entities include all entities other than public entities.

To assist entities in complying with the disclosure requirements in ASC 606-10-50, 340-40-50 and 270-10-50, as well as certain other ASC sections with revenue-related disclosures, we have issued the following two checklists:

Both disclosure checklists address the necessary annual disclosures, as well as those disclosures required upon transition. In addition, the disclosure checklist for public entities identifies the interim revenue-related disclosures required of those entities. Nonpublic entities that wish to provide disclosures beyond those specifically required of them should consider using the disclosure checklist for public entities.

These checklists were designed to be used in conjunction with our publication, A guide to revenue recognition, and the disclosure requirements in the applicable ASC sections.