- As with revenue recognition itself, the codification has never comprehensively addressed costs in connection with contracts. Often, the guidance has been found within the industry sections, or other disparate sections of the codification. The new standard seeks to comprehensively address the issue.
- The adoption of ASC 842, Leases, makes accounting much more complex for traditional operating leases. Not surprisingly, the disclosure requirements are quite extensive.
- Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, seeks to change the value of disclosures by requiring robust disclosure for the users of the financial statements.
- View Baker Tilly's recent ASC 606 webinar on element 5: recognizing revenue.
- The adoption of ASC 842 makes accounting much more complex for traditional operating leases. This inherent complexity makes the transition guidance equally complex.
- Previous Next