Transcription of Under ASC 605 - Deloitte
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Under ASC 605 - Deloitte
Life Sciences Accounting and Financial Reporting Update . Interpretive Guidance on Revenue Recognition Under ASC 605. March 2017. Revenue Recognition Introduction Many transactions in the life sciences industry must be carefully analyzed for revenue recognition purposes. Revenue recognition topics that are particularly relevant to life sciences entities include the SAB Topic 131 requirements ( , sales price is fixed or determinable, collectibility is reasonably assured); the accounting for multiple elements; the ability to estimate returns; and the accounting for discounts, rebates, and incentives. Further, biotech and pharmaceutical firms may sometimes encounter complexities related to the milestone method of accounting, the proportional performance method of revenue recognition, principal-agent considerations, license fees, contingent revenue, and up-front payments.
Mar 03, 2016 · Ability to Reasonably Estimate Returns Under ASC 605-15-25-1(f), an entity must be able to make a reasonable estimate regarding future returns to recognize revenue upon shipment of the product (provided that the other requirements of ASC 605 are met). ASC 605-15-25-3 indicates that the ability to make such an estimate depends on
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