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).
• ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue From Contracts With Customers. • ASU 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets. For public business entities (as well as certain not-for-profit entities and employee benefit plans) and
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