ASC 605, Revenue Recognition, contains ten Subtopics: ASC 605‐10, Overall; ASC 605‐15, Products; ASC 605‐20, Services; ASC 605‐25, Multiple‐Element Arrangements; ASC 605‐28, Milestone Method; ASC 605‐35, Construction‐Type and Production‐Type Contracts; ASC 605‐40, Gains and Losses; ASC 605‐45, Principal‐Agent Considerations; and ASC 605‐50, Customer Payments and Incentives. The principles guiding recognition of revenues for financial reporting purposes are central to GAAP and in most instances are unambiguous and straightforward. Revenue, whether from the sale of product or provision of services, is to be recognized only when it has been earned. This chapter provides definitions of terms included in ASC 480, discusses its perspectives and issues, and talks about the concepts, rules, with examples. It also discusses certain attention‐getting problems in applying the general principles of revenue recognition. The basic GAAP governing the recognition of long‐term contract revenue is contained in ASC 605‐35 and ASC 910.
ASC 605 REVENUE RECOGNITION ASC 605 REVENUE RECOGNITION1
2015-12-02
68 pages
Aufsatz/Kapitel (Buch)
Elektronische Ressource
Englisch
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