Assurance News

ASC Topic 606 – Revenue from Contracts with Customers

A practice aid from BDO’s National Assurance Practice that discusses revenue from contracts with customers being recognized based on the application of a principle-based ‘five step’ model:

  1. Identify the Contract
  2. Identify the Performance Obligations
  3. Determine the Transaction Price
  4. Allocate the Transaction Price to Each Performance Obligation
  5. Recognize Revenue as Each Performance Obligation is Satisfied

ASC Topic 606 BDO Practice Aid