Revenue: Special Implementation Guide (Topic 606-10-55)
Tuesday, December 12, 2017
Now is the time to get serious about adoption of ASC 606, Revenue from Contracts with Customers!
This course, second in a three-course series, concentrates on the ASU 606, Revenue from Contracts with Customers. Address the topics in the Special Implementation Guide, ASU 606-10-55.
With the issuance of a final standard—ASC 606, Revenue from Contracts with Customers—public companies have an implementation date after Dec. 15, 2017, and non-public companies, Dec. 15, 2018 (as amended).
- Outline several of the special issues addressed in ASC 606-10-55.
- Describe the different methods of measuring progress toward complete satisfaction of a performance obligation.
- Explain the accounting treatment of warranties where the customer has no option to purchase the warranty separately.
- Explain the underlying criteria in customer options for additional goods or services.
- Explain the accounting treatment for customers' unexercised rights.
- List the criteria for a license to be accounted for at a point in time or over time.
- Define a bill-and-hold arrangement.
FASB ASC 606, Revenue from Contracts with Customers
All recently released updates to ASC 606, Revenue from Contracts with Customers