A guide to revenue recognition assists middle-market companies in applying the new revenue recognition model in Topic 606, “Revenue from Contracts with Customers,” of the Financial Accounting Standards Board’s (FASB) Accounting Standards Codification (ASC). ASC 606 provides a robust framework for recognizing revenue, and upon its effective date, replaces almost all previously existing revenue recognition guidance, including industry-specific guidance, in U.S. generally accepted accounting principles (legacy GAAP).
RSM US GAAP comprehensive guide includes in-depth discussion and numerous examples on:
- All the important aspects of ASC 606, including its scope, five-step revenue recognition model, and presentation, disclosure, effective date and transition requirements
- The related new guidance in:
- ASC Subtopic 340-40, “Other Assets and Deferred Costs – Contracts with Customers”
- ASC Subtopic 610-20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets”
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