Revenue Recognition Resource Center

Challenges and opportunities for companies adjusting to ASC 606 regulation requirements

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which added Topic 606 to the FASB’s Accounting Standards Codification (ASC) and will replace almost all pre-existing revenue recognition guidance in legacy generally accepted accounting principles (GAAP) with a robust framework for addressing how an entity should account for its revenue. Implementation by calendar year-end public entities was required byJanuary 1, 2018 and is required by other calendar year-end entities no later than the year ending December 31, 2019.

This resource center provides access to high-level and detailed information about the new revenue recognition guidance. 

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Revenue recognition: Overview of ASC 606


Revenue recognition: Overview of ASC 606

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A recent proposal would simplify how private-company franchisors analyze their performance obligations in accordance with ASC 606.

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FASB expands ASC 606 deferral and approves limited deferral of ASC 842

On May 20, 2020, the FASB approved one-year effective date deferrals for certain entities for ASC 606 and ASC 842.

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Proposed deferral for certain entities: ASC 606 and ASC 842

Due to the coronavirus, the FASB recently proposed a one-year effective date delay for certain entities for ASC 606 and ASC 842.

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FASB to provide limited deferrals for ASC 606 and ASC 842

FASB to propose deferring the effective dates of ASC 606 for private franchisors and ASC 842 for certain entities.

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