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.
Mar 03, 2016 · c. Absence of historical experience with similar types of sales of similar products, or inability to apply such experience because of changing circumstances, for example, changes in the selling entity’s marketing policies or relationships with its customers d. Absence of a large volume of relatively homogeneous transactions.
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