What is the effective date of ASC 606?
If an entity has already adopted Topic 606, the amendments in this Update are effective in interim and annual periods beginning after December 15, 2020. Early application is permitted.
What does ASU stand for in accounting?
Accounting Standards Update
The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content.
Does ASU 2014 09 apply to nonprofits?
ASU 2014-09 (Topic 606) Nonprofits will need to re-examine their contracts with customers to be sure they recognize the related revenues in accordance with this new standard.
What is the new revenue recognition standard?
ASC 606 is the new revenue recognition standard that affects all businesses that enter into contracts with customers to transfer goods or services – public, private and non-profit entities. Both public and privately held companies should be ASC 606 compliant now based on the 2017 and 2018 deadlines.
What is the effective date of ASU 2018 08?
The amendments included in ASU 2018-08 are effective for annual periods beginning after December 15, 2018. For entities that are either a public business entity, a not-for-profit that has issued, or is a conduit debt obligor, the amendments are effective for annual periods beginning after June 15, 2018.
What is ASU in supply chain management?
About us. ASU SCMA aims to offer undergraduate students who are interested in the Supply Chain Management field an opportunity to become involved in the W. P. Carey School of Business at a professional level. We work to educate students about matters regarding the field of supply chain management.
What is the effective date of ASU 2016 02?
For all other entities ASU 2016-02 will be effective for fiscal years beginning after Dec. 15, 2020. Early application is allowed.
When did ASU 2014 09 become effective?
ASU 2014-09 addresses revenue recognition for contracts with customers. For public companies with a December 31 fiscal year-end, ASU2014-09 had an effective date starting on January 1, 2018; for private entities with a December 31 fiscal year-end, the effective date was January 1, 2019.
What is deferred revenue for a non profit?
Sometimes referred to as unearned revenue, deferred revenue generally represents cash received and deposited for goods and services not yet delivered. Membership fees are an example because they typically cover a twelve-month period but are reported as monthly income.
When did ASU 2014-09 become effective?
What is the ASU 2016-02?
On February 25, 2016, FASB issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842). The objective of this ASU is to increase transparency and comparability in financial reporting by requiring balance sheet recognition of leases and note disclosure of certain information about lease arrangements.
What is ASC 842 summary?
DEFINITION: Under ASC 842, “a contract is, or contains a lease if the contract conveys the right to control the use of identified property, plant, or equipment (an identified asset) for a period of time, in exchange for a consideration.”
Is deferred revenue taxable?
For businesses that report taxes on the cash basis, deferred revenue is irrelevant, because income is always reported in the year it’s received. Accrual basis taxpayers, however, are able to delay paying tax on the revenue until a future tax year.
Is ASC 605 still relevant?
NOTE: ASC 605 IS SUPERSEDED BY ASC 606, EXCEPT FOR CERTAIN SECTIONS OF ASC 605-35, Revenue Recognition—Provision for Losses on Construction-Type and Production-Type Contracts.