FASB ASC 606 peer review MFCs: The initial wave
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FASB ASC 606 peer review MFCs: The initial wave

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Our series on matters for further consideration (MFC) in peer review continues with our initial look at the MFCs for 2021 peer reviews. These peer reviews encompass the first set of MFCs where adoption of FASB Accounting Standards Codification (FASB ASC) 606, Revenue from Contracts with Customers, was widespread and so were MFCs that cited FASB ASC 606. Due to the effective date deferral for financial statements issued after June 3, 2020, as well as the triennial nature of the peer review cycle, significant MFCs in the future are a near certainty. In this report, we discuss the nature of the issues in the MFC report to date related to FASB ASC 606.

Download the CPEA report: FASB ASC 606 peer review MFCs: The initial wave

File name: CPEA March 2022 report – FASB ASC 606 Peer Review MFCs - The Initial Wave.pdf

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