- One of the necessary elements of a revenue contract under ASC 606 is that the consideration specified in exchange for the goods or services be collectible.
- Under existing U.S. GAAP, a contractor had the ability but not the requirement to combine contracts. Under ASC 606, contracts will be required to be combined when certain criteria are met.
- Contract modifications or change orders are extremely common in the construction industry. ASC 606 requires additional judgment and documentation when determining how to properly account for a contract modification.
- If your organization is in the process of adopting, or still researching, the new revenue recognition accounting standard, then this comprehensive, yet easy-to-read, 60+ page eBook is for you.
- ASC 606 allows organizations to use a portfolio approach as a practical expedient to account for patient contracts as a collective group. Learn more in this webinar focused on healthcare providers.