Revenue From Contracts With Customers Kpmg

Kpmg s global ifrs revenue recognition and provisions leadership team kpmg international standards group 1 ifrs 15 and fasb asc topic 606 revenue from contracts with customers.

Revenue from contracts with customers kpmg. Identify the contract with a customer the new standard defines a contract as an agreement between two or more parties that creates enforceable rights and obligations and specifies that enforceability is a. This course is the second of four in the revenue recognition asc topic 606 series. The earliest effective date would be for periods beginning 1 january 2015. Contracts ias 18 revenue ifric 13 customer loyalty programmes ifric 15 agreements for the construction of real estate ifric 18 transfer of assets from customers sic 31 revenue barter transactions involving advertising services.

Identify the contract s with a customer. This course is the third of four in the revenue recognition asc topic 606 series. Revenue from contracts with customers overview provides an overview of the standard and its basic provisions. Revenue from contracts with customers overview provides an overview of the standard and its basic provisions.

Revenue from contracts with customers on may 28 2014 the fasb and the iasb issued a new accounting standard that is intended to improve and converge the financial. Determine the transaction price. Define the five steps of the revenue recognition model. Member firm of the kpmg.

Identify the performance obligations in the contract. Asu 2014 09 revenue from contracts with customers. Revenue from contracts with customers the five step model provides an overview of the model. Published jointly by the iasb and fasb in may 2014 and amended in april 2016 it replaces all existing ifrs and us gaap guidance on revenue and introduces a 5 step model for recognizing revenue from contracts with customers.

2001 2014 kpmg llp a delaware limited liability partnership and the u s. Revenue from contracts with customers the five step model provides an overview of the model. The new revenue standard introduces a new framework that will change the way companies account for revenue. Revenue from contracts with customers application guidance and disclosure requirements covers selected application guidance contract modifications and costs presentation and disclosures.

Asu 2016 11 asu 2017 13 and asu 2017 14 amendments to sec guidance related to asc 606.