March 2019
Intermediate to advanced
1440 pages
51h 20m
English
Content preview from Wiley GAAP 2019
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37ASC 605 REVENUE RECOGNITION1
REVENUE RECOGNITION—GENERAL PRINCIPLES
Technical Alert
ASU 2014-09, Revenue from Contracts with Customers (Topic 606).
See the chapter on ASC 606 for information on ASU 2014-09.
ASU 2016-11, Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting.
In May 2016, the FASB issued. The guidance related to ASC 605 rescinds certain SEC Staff Observer comments codified in ASC 605 upon adoption of the ASU 2014-09 guidance in ASC 606. Rescinded ASC 605 paragraphs are:
- ASC 605-20-S99-2—Revenue and Expense Recognition for Freight Services in Process
- ASC 605-45-S99-1—Accounting for Shipping and Handling Fees and Costs
- ASC 605-50-S99-1—Accounting for Consideration Given by a Vendor to a Customer (Including Reseller of the Vendor’s Products)
ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.
In December 2016, the FASB issued an ASU that made technical corrections and improvements to ASC 606. Included was one change to ASC 605. The change relates to combining contracts when recording a loss on production- and construction-type contracts.
Upon implementation, ASC 606 supersedes almost all the guidance in ASC 605. However, because the FASB decided not to provide guidance in ASC 606 for onerous contracts, the provision for loss contracts ...
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