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Scope: Agreements In & Out of Scope
Step 1: Contract Attributes
Step 1: Combining Contracts
Step 1: Contract Modifications
Step 2: Identify Performance Obligations
Step 2: Series, Principal vs. Agent, Warranty & Option
Step 3: Determine Transaction Price
Step 4 Allocate Transaction Price
Step 5 Bill and hold provisions, customer acceptance clauses, and consignment provisions
Step 5 Repurchase provisions
Step 5: Licensing
Step 5 Overtime vs point in time
ASC606 frequently asked questions
How do the revenue and the new lease standards interact?
Do I have to recognize variable consideration prior to all contingencies being resolved?
How should minimum guarantees in a sales-and-usage-based contract be accounted for?
Are ASC 606 and IFRS 15 the same?
How does collectability affect revenue recognition?
Does VSOE go away under ASC 606?
Does ASC 606 replace ASC 605?