Accounting Standards Codification Topic 606
GPTKB entity
Statements (44)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
accounting standard
|
| gptkbp:affects |
financial statements
contract accounting revenue recognition policies |
| gptkbp:alsoKnownAs |
gptkb:ASC_606
|
| gptkbp:appliesTo |
public companies
private companies all industries not-for-profit organizations governmental entities |
| gptkbp:basedOn |
gptkb:IFRS_15
|
| gptkbp:collaboratedWith |
gptkb:International_Accounting_Standards_Board
|
| https://www.w3.org/2000/01/rdf-schema#label |
Accounting Standards Codification Topic 606
|
| gptkbp:issuedBy |
gptkb:Financial_Accounting_Standards_Board
|
| gptkbp:location |
gptkb:FASB_Accounting_Standards_Codification
|
| gptkbp:objective |
Improve comparability of revenue recognition practices
Provide a single, comprehensive revenue recognition model |
| gptkbp:principle |
Recognize revenue to depict transfer of goods or services to customers
|
| gptkbp:publicLawNumber |
606
|
| gptkbp:relatedTo |
gptkb:IFRS_15_Revenue_from_Contracts_with_Customers
|
| gptkbp:replacedBy |
gptkb:ASC_605
Industry-specific revenue recognition guidance legacy US GAAP revenue guidance |
| gptkbp:requires |
identification of performance obligations
assessment of collectibility disclosure of significant judgments estimation of variable consideration |
| gptkbp:requiresDisclosureOf |
Qualitative and quantitative information about contracts with customers
Significant judgments and changes in judgments Assets recognized from costs to obtain or fulfill a contract |
| gptkbp:startDate |
December 2017 (public entities)
December 2018 (nonpublic entities) |
| gptkbp:step |
Determine the transaction price
Identify the contract with a customer Identify the performance obligations Allocate the transaction price to the performance obligations Recognize revenue when (or as) the entity satisfies a performance obligation |
| gptkbp:subjectArea |
revenue recognition
|
| gptkbp:title |
Revenue from Contracts with Customers
|
| gptkbp:transitionMethods |
full retrospective
modified retrospective |
| gptkbp:website |
https://asc.fasb.org/section&trid=2144409
|
| gptkbp:bfsParent |
gptkb:ASC_606
|
| gptkbp:bfsLayer |
7
|