Navigating ASC 606 and 340-40
In May 2014, the FASB and the IASB published their largely converged standards on revenue recognition—ASU 2014-09 and IFRS 15, both titled Revenue from Contracts with Customers—which supersede and replace virtually all existing U.S. GAAP and IFRS revenue recognition guidance, affecting almost every revenue-generating entity.
Since then, the FASB has also issued several Accounting Standards Updates containing technical amendments designed to clarify and expand on this new guidance.
The 2022 edition of our revenue guide, Revenue from Contracts with Customers: Navigating the guidance in ASC 606 and ASC 340-40, has been updated to reflect technical amendments issued after December 2018 and features new illustrative examples and additional Grant Thornton insights. Appendix B summarizes the changes in this edition compared to the 2018 version of this publication.
In this guide, you will find:
- select FASB examples and guidance
- discussions, insights, and examples from the Joint Transition Resource Group for Revenue Recognition (TRG) meetings
- Grant Thornton insights on various topics
- practical insights on how the guidance might differ from legacy GAAP
- illustrative examples to demonstrate how to apply the guidance
Source: Grant Thornton Insight January 13, 2022
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