Update published on June 5, 2020: FASB issued Accounting Standards Update (ASU) 2020-05, Revenue from Contracts with Customers (ASC 606) and Leases (ASC 842) Effective Dates for Certain Entities, as part of its efforts to support and assist stakeholders as they cope with the many challenges and hardships related to the COVID-19 pandemic.
Welcome to our first video series on the new revenue recognition standard – ASC Topic 606, Revenue from Contracts with Customers. In this video, we will provide you with an overview of the key concepts under each of the five steps as outlined in the standard.