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. By analyzing and discussing potential implementation issues, the TRG has helped the boards determine whether to take additional action, such as providing clarification or issuing other as a result of feedback provided by the TRG after the issuance of the initial ASU, the FASB issued the following ASUs to amend and clarify the guidance in the new revenue standard: ASU 2015-14, Deferral of the Effective Date.
reporting entity should first consider whether the placement of equipment meets the definition of a lease under ASC 840 (current U.S. GAAP) and ASC 842 (future U.S. GAAP). If the arrangement includes elements that meet the definition of a lease, the lease-related elements of the arrangement would
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