Revenue (Topic 606)
E544871
Revenue (Topic 606) is the U.S. GAAP accounting standard that provides a comprehensive, principles-based framework for recognizing revenue from contracts with customers.
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
FASB Accounting Standards Codification topic
ⓘ
U.S. GAAP accounting standard ⓘ |
| addresses |
bill-and-hold arrangements
ⓘ
consideration payable to a customer ⓘ consignment arrangements ⓘ contract modifications ⓘ customer options for additional goods or services ⓘ licensing of intellectual property ⓘ noncash consideration ⓘ principal versus agent considerations ⓘ repurchase agreements ⓘ significant financing components ⓘ variable consideration ⓘ warranties ⓘ |
| appliesTo | contracts with customers ⓘ |
| appliesToEntityType |
employee benefit plans
ⓘ
nonpublic entities ⓘ not-for-profit entities ⓘ public entities ⓘ |
| basedOn | IFRS 15 Revenue from Contracts with Customers NERFINISHED ⓘ |
| codifiedAs | ASC 606 NERFINISHED ⓘ |
| corePrinciple | Recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled ⓘ |
| effectiveDateNonpublicEntities | annual reporting periods beginning after December 15, 2018 ⓘ |
| effectiveDatePublicEntities | annual reporting periods beginning after December 15, 2017 ⓘ |
| effectiveFor | public business entities ⓘ |
| frameworkType | principles-based framework ⓘ |
| governs | revenue recognition ⓘ |
| hasFullName | Revenue from Contracts with Customers ⓘ |
| issuedBy | Financial Accounting Standards Board NERFINISHED ⓘ |
| jurisdiction |
United States of America
ⓘ
surface form:
United States
|
| measurementBasis | consideration expected to be entitled to in exchange for goods or services ⓘ |
| recognitionBasis | transfer of control of goods or services to the customer ⓘ |
| requiresDisclosure |
assets recognized from costs to obtain or fulfill a contract
ⓘ
contract balances ⓘ disaggregation of revenue ⓘ performance obligations ⓘ significant judgments and changes in judgments ⓘ |
| requiresJudgment |
allocation of transaction price
ⓘ
assessment of performance obligations ⓘ determination of transaction price ⓘ timing of revenue recognition ⓘ |
| requiresStep |
Allocate the transaction price to the performance obligations in the contract
ⓘ
Determine the transaction price ⓘ Identify the contract with a customer ⓘ Identify the performance obligations in the contract ⓘ Recognize revenue when or as the entity satisfies a performance obligation ⓘ |
| supersededStandard |
ASC 605
NERFINISHED
ⓘ
industry-specific revenue guidance in U.S. GAAP ⓘ |
| transitionMethod |
full retrospective
ⓘ
modified retrospective ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.