Transcription of Under ASC 606 - Deloitte
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Under ASC 606 - Deloitte
Life SciencesAccounting and Financial Reporting Update Interpretive Guidance on Revenue Recognition Under ASC 606 Marc h 20171 Revenue RecognitionBackgroundIn May 2014, the FASB1 and IASB issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-092 by the FASB and as IFRS 15 by the IASB, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition issuing the new revenue standard, the FASB and IASB formed a joint revenue transition resource group (TRG). The purpose of the TRG is not to issue guidance but instead to seek and provide feedback on potential issues related to implementation of the new revenue standard.
that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” The ASU indicates that an entity should perform the following five steps in recognizing revenue: • “Identify the contract(s) with a customer” (step 1). • “Identify the performance obligations in the contract” (step 2).
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