ASC 606: Illustrative annual and transition disclosures
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ASC 606: Illustrative annual and transition disclosures

Aug 01, 2019 · 277.8 KB Download

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Part of the CPEA ASC 606: Revenue Recognition Series

As we have detailed in our many reports on the new revenue standard, Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers, codified primarily in FASB Accounting Standards Codification (FASB ASC) 606, is historic in its breadth and impact across industries and will affect all entities (public, private, and not-for-profit) that have contracts with customers.

Under previous U.S. generally accepted accounting principles (U.S. GAAP), the revenue disclosure requirements were limited and dispersed among various industry-specific guidance. In contrast, FASB ASC 606 introduces a comprehensive disclosure package designed to improve users’ understanding about the nature, amount, timing, and uncertainty of revenue recognized. Further, FASB ASC 606 requires two types of disclosures: transition disclosures, which are required only in the year of adoption, and recurring, annual disclosures. Private entities can choose to provide all of the annual disclosures required for public entities or to provide reduced disclosures.

In the first part of this series, we will cover transition disclosures required for private entities, as well as some related reporting issues. Appendix C provides a useful checklist of transition disclosures.

In the second part of the series, we will cover the required annual and recurring disclosures.

Download the Report covering transition disclosures for ASC 606

File name: CPEA-606-transition-disclosures.pdf

Download the Report covering annual and recurring disclosures for ASC 606

File name: CPEA-606-annual-disclosures.pdf

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