Revenue from Contracts with Customers (Asc 606) Ey

Our FRD publication on ASC 606, Revenue from Contracts with Customers, has been updated to clarify and improve our interpretation-focused guidelines. For a summary of the updates, see Appendix A of the publication. Our technical line highlights the key impact of the new revenue standard for technology companies. This publication has been updated to account for emerging implementation issues for technology companies, such as. B accounting for contract changes for intellectual property licenses and accounting for virtual goods. It complements and should be read in conjunction with our publication Financial Reporting Developments (FRD), Revenue from contracts with customers (ASC 606). This technical line highlights key aspects of the application of the FASB standard to housing contracts, addresses important changes in current practice and reflects the latest implementation findings for builders. It complements our publication “Financial reporting developments”, Revenue from contracts with customers (ASC 606), and should be read in conjunction with it. Our publication discusses the FASB`s final guidelines that require companies to apply the Codification of Accounting Standards (CSA) 606, Revenue from Contracts with Clients, to capture and value contractual assets and liabilities arising from contracts with clients acquired as part of a business combination. The forecasts shall apply to public undertakings for financial years beginning after 15 December 2022 and for the interim periods of those financial years. For all other companies, it applies to financial years beginning after 15 December 2023 and to the interim periods of those financial years. Early adoption is allowed.

For inquiries and comments, please contact our AccountingLink inbox… For more information about AccountingLink Subscribe to AccountingLink updates. .