KPMG answers frequently asked questions on applying ASC 606 and ASC 610-20 in the real estate industry – including updated interpretations based on KPMG’s experience with companies applying the standards.
- Effective immediately.
- Step 1: Identify the contract
- Step 2: Identify the performance obligations
- Step 3: Determine the transaction price
- Step 4: Allocate the transaction price
- Step 5: Recognize revenue
- Other implementation matters
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