Examples of ASC 606 in a sentence
The proposal should also be considered in relation to ASC 606, Revenue from Contracts with Customers.
Under ASC 606, contract manufacturers will move from an inventory method to a progress measure in recognizing revenue and will no longer maintain inventories.
Timing of fair value measurement of the investment: ASC 610-20 Gains and Losses from the Derecognition of Nonfinancial Assets and ASC 606 Revenue from Contracts with Customers The Company further considered guidance under ASC 610-20 for the timing of measurement of the Ant Financial Interest.
In December 2016, the FASB issued amendments to Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers.
The adoption of ASC 606 resulted in no significant changes to The Home’s financial reporting.
Using the guidance in ASC 606, Revenue From Contracts With Customers, determine whether Xxxxxxx is a principal or an agent in the Contract to provide Lab Administration to Heisenberg, and therefore whether Xxxxxxx should recognize revenue on a gross or net basis.
ASC 606 requires the recognition of revenue when promised goods or services are transferred to customers or clients in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services.
The consolidated statement of comprehensive income data for the years ended December 31, 2018, 2019, 2020 and 2021 presented below have been prepared in accordance with ASC 606, while the consolidated statements of comprehensive income data for the year ended December 31, 2017 presented below have been prepared in accordance with ASC Topic 605, Revenue Recognition (“ASC 605”).
Changes in Accounting Principles On January 1, 2019, the Clinic adopted Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, and all related amendments (collectively, ASC 606) using the modified retrospective method.
Global Knowledge did not adopt ASC 606, Revenue from Contracts with Customers and was not required to adopt the standard in its April 2, 2021 consolidated interim financial statements.