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.
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Responses to common questions on:
- Analyzing the application of ASC 606 and ASC 610-20
- Applying the 5-step revenue recognition model
- Applying the transitional guidance
- Understanding the ASC 606 interaction with the leasing standard, ASC 842
- 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
Download from KPMG FRV