Skip to Main Content
Wiley GAAP 2021, 2nd Edition
book

Wiley GAAP 2021, 2nd Edition

by Joanne M. Flood
March 2021
Intermediate to advanced content levelIntermediate to advanced
1424 pages
51h 16m
English
Wiley
Content preview from Wiley GAAP 2021, 2nd Edition

36ASC 605 REVENUE RECOGNITION

  1. Concepts, Rules, and Examples
    1. Subtopics
    2. Scope
  2. Definitions of Terms
  3. ASC 605‐20, Revenue Recognition—Provision for Losses on Separately Priced Extended Warranty and Product Maintenance Contracts
    1. Recognition of Loss
  4. ASC 605‐35, Construction‐Type and Production‐Type Contracts
    1. Contract Losses
      1. Exhibit Title – Steps to Determine Amount Entity Expects to Receive from a Contract
    2. Combining Contracts

CONCEPTS, RULES, AND EXAMPLES

Subtopics

With the implementation of ASU 2014‐09, Revenue Recognition, there is no revenue recognition guidance in ASC 605. The topic does provide guidance on losses. ASC 605, Revenue Recognition, contains two subtopics:

  • ASC 605‐20, Revenue Recognition—Provision for Losses on Separately‐Priced Extended Warranty and Product Maintenance Contracts, which provides guidance on separately priced extended warranty and product maintenance contracts.
  • ASC 605‐35, Revenue Recognition—Provision for Losses on Construction‐Type and Production‐Type Contracts, which provides guidance on the accounting for a provision for losses on a contract for which a customer provides specifications for the production of facilities or the provision of related services.
  • (ASC 605‐10‐05‐02)

The following industry Subtopics contain revenue guidance:

  • ASC 905‐605, Agriculture—Revenue Recognition
  • ASC 944‐605, Financial Services—Revenue Recognition
  • ASC 954‐605, Health Care Entities—Revenue Recognition
  • ASC 958‐605, Not‐for‐Profit Entities—Revenue Recognition ...
Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
and much more.
Start your free trial

You might also like

Wiley Not-for-Profit GAAP 2020

Wiley Not-for-Profit GAAP 2020

Richard F. Larkin, Marie DiTommaso, Warren Ruppel
Wiley GAAP 2019

Wiley GAAP 2019

Joanne M. Flood

Publisher Resources

ISBN: 9781119736172