Latest edition: Our in-depth guide to the revenue standard, ASC 606, with Q&As. interpretive guidance and examples.
This March 2024 edition includes new examples on determining the term of contracts with termination penalties, determining if promises are distinct in the context of the contract, when the bill-and-hold criteria are not met in a contract, and accounting for the exercise of a material right.
The application of ASC 606 is not a simple exercise – it requires significant judgment, estimation and disclosures. Changes in business practices and the economic environment continue to create new challenges to the accounting for revenue.
In response to these challenges, companies evaluate and may need to revisit a number of estimates and judgments to account for their revenue arrangements and related costs. Companies may also apply certain aspects of the guidance that they had not, or less frequently, applied in the past.
In this publication, we focus on the accounting and disclosure aspects of ASC 606. Questions continue to arise as companies enter into new or modified revenue arrangements or respond to a changing economic environment. The interpretation of the principles in ASC 606 continues to be informed by evolving practice issues and regulator views.
Our purpose in this updated publication is to assist you in gaining an in-depth understanding of the five-step revenue model by answering the questions that we are encountering in practice and providing examples to explain key concepts.
Handbook: Revenue for software and SaaS
Latest edition: Our updated guide to applying ASC 606 to software & SaaS contracts, with comparisons to legacy US GAAP.
Real estate revenue guide
Latest edition: Our Q&As on the FASB’s revenue and other income recognition standards in the real estate industry.
KPMG handbooks that include discussion and analysis of significant issues for professionals in financial reporting.
Receive the latest financial reporting and accounting updates with our newsletters and more delivered to your inbox.
Thank you. You are now subscribed to receive accounting and financial reporting topics.Subscribe to receive our newsletter, accounting and financial reporting updates and opportunities for CPE-eligible webcasts.
Access our accounting research website for additional resources for your financial reporting needs.
Learn about us:KPMG. Make the Difference.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.
The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.
© 2024 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.
