Revenue From Contracts With Customers Effective Date

On may 20 2020 the financial accounting standards board fasb met to discuss comments received on a proposed accounting standards update asu revenue from contracts with customers topic 606 and leases topic 842.

Revenue from contracts with customers effective date. The amendments in this update defer for one year the required effective date of topic 606 revenue from contracts with customers for those entities noted above. Ifrs 15 specifies how and when an ifrs reporter will recognise revenue as well as requiring such entities to provide users of financial statements with more informative relevant disclosures. It applies to existing contracts that are not yet complete as of the effective date and new contracts entered into on or after the effective date. Asc 842 leases for all private companies and certain not for profit entities.

With the issuance of fasb asu no. Fasb accounting standards update asu no. Effective dates for certain entities. Those entities may elect to adopt the guidance for annual reporting periods beginning after december 15 2019 and for interim reporting periods within annual reporting periods.

Ifrs 15 was issued in may 2014 and applies to an annual reporting period beginning on or. Effective dates for certain entities other entities that have not yet issued financial statements or made financial statements available for issuance as of june 3 2020 may elect to defer the effective date to be 2020 for annual. The final asu is expected to give nonpublic entities the option of adopting the revenue recognition standard fasb asc topic 606 revenue from contracts with customers on the current implementation date or deferring implementation for one year. Therefore in the first year of adoption the current year figures will be.

The standard provides a single principles based five step model to be applied to all contracts with customers. The fasb issued asu 2020 05 1 asu to provide a one year deferral of the effective dates of. This webpage contains pronouncements guides and articles that are relevant to hkfrs 15 revenue from contracts with customers. Revenue from contracts with customers topic 606 and leases topic 842.

Asc 606 revenue from contracts with customers for all privately held entities that have not yet issued financial statements or made financial statements available. 2020 05 revenue from contracts with customers topic 606 and leases topic 842. Effective date ifrs 15 is effective for annual periods beginning on or after 1 january 2017 with early application permitted. Effective dates for certain entities at the end of its discussion the board voted to finalize its deferral of the effective dates of the following asus for certain.