ASC 606
FEATURED ARTICLES
All articles in this category pertain to ASC 606. ASC 606 is the new FASB revenue recognition standard that provides guidance on how and when to record revenue. It updates preexisting standards for revenue recognition and creates more consistent financial reporting.
Learn more about ASC 606 below.
Recent articles
FASB Clarifies Accounting for Acquired Revenue Contracts with Customers
Learn about FASB’s new update about acquired revenue contracts.
Relief for Private Company Franchisors applying ASC 606
How private company franchisors apply ASC 606.
FASB Issues Practical Expedient for Private Franchisors Applying Topic 606
Learn how private company franchisors apply Topic 606.
FASB Simplifies How Private Company Franchisors Identify Certain Performance Obligations
February 2021 The FASB issued ASU 2021-02 (“ASU”) to provide franchisors that are not public business entities with a practical expedient to account for certain pre-opening services as distinct from the franchise license when identifying performance obligations under...
Proposed Improvements for Acquired Revenue Contracts with Customers
The proposed improvements for acquired revenue contracts with customers are explained.
Sale-leaseback Accounting under ASC 606 and ASC 842 Explained
Learn about sales-leaseback accounting under ASC 842.