Wiley GAAP 2023

37ASC 606 REVENUE FROM CONTRACTS WITH CUSTOMERS

• Perspective and Issues
  • What Is Revenue?
    • Revenue
    • Revenue versus Gains
  • Development of Revenue Guidance
  • The Revenue Recognition Project
  • Scope
    • Scope Exceptions
    • Contracts Partially in Scope
    • Sale or Transfer of Nonfinancial Assets
  • Definitions of Terms
  • Objective of ASC 606
  • Core Principle and the Five Steps of the Revenue Recognition Model
    • Core Principle
    • Example: Application of the Core Principle through the Five Steps
    • Five Steps
• Step 1: Identify the Contract with the Customer
  • Overview
    • Contract
  • Assessing Whether Contracts Are within the Scope of ASC 606
    • Enforceable Rights and Obligations
    • The Five Contract Criteria
    • Approval
    • Example: Oral Contract
    • Example: Product Delivered, but No Written Contract Exists
    • Example: Contract Extension
    • Example: Meeting the Termination Criteria
    • Example: Assessing Collectibility—Implied Price Concession
    • Example: Assessing Collectibility—Meeting the Collectibility Threshold
  • Contract Recognition
  • Arrangements Where Contract Criteria Are Not Met
    • Reassessment
  • The Portfolio Approach and Combining Contracts
    • A Practical Expedient
    • Combination of Contracts Required
    • Assessing Collectability of a Portfolio of Contracts
  • Identifying the Customer
    • Collaborative Arrangements
    • Example: Collaborative Arrangement
    • Arrangements with Multiple Parties
• Step 2: Identifying the Performance Obligations
  • Performance Obligation
  • Overview
  • Promises in Contracts with Customers
    • Implicit Promises
    • Goods to Be Provided ...