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
Key Facts to Know About Financial Reporting and COVID-19
Millions of businesses have been closed, hoping and praying that the economic crisis is temporary. All levels of supply chain and distribution have been disrupted, creating havoc with inventories, equipment, and works in process. With few exceptions (grocery stores,...
ICYMI—Applying the New Accounting Guidance for Contributions
In Brief Not-for-profit organizations receive financial donations as a matter of course, but the accounting for that revenue depends on whether the transaction is classified as a contribution or an exchange, and the distinction between the two is not always easy to...
FASB Proposes Delaying Effective Date of Certain Standards Due to COVID-19 Pandemic
On April 8, 2020, FASB and its staff met to discuss various issues relating to the implications of the coronavirus (COVID-19) pandemic on certain FASB accounting standards–setting activities. The board’s discussions covered the impact of the current efforts to address...
A Discussion of Practical Expedients in ASC Topic 842
This article describes practical expedients provided under ASC 842.
FASB Proposes Additional Delay of Extension Dates for Certain Standards for Private Companies and Not-for-profit Entities
FASB proposed updates to the new standards, including ASC 606 and ASC 842, for certain private companies and nonprofit entities.
Revenue 606 Disclosures for Private Companies
Learn about disclosure requirements under ASC 606.