25 Mar ASC 842 – Classification and accounting treatment of Lease
The new leasing standard is one of the most significant changes in accounting to come about recently. ASC 842 strives to fundamentally record all leases on the balance sheet....
Author: prasenjit
20 Mar Summary of changes under ASC 842 – Lease
There are major changes in lease accounting that come with ASC 842 replacing the US GAAP standard 840. The new standard aims to overcome the major loophole in ASC 840 – “Off-Balance Sheet operating Leases”....
16 Mar Step 5 – Recognize the Revenue
Revenue is an important point of concern to the users of Financial Statements in assessing an entity’s Financial Performance and Position....
21 Feb ASC 606: Step 3 – Determining the Transaction Price
The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer....
23 Oct Revenue Recognition – ASC 606 & IFRS 15
The objective was to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a contract with a customer....
17 Oct Allocation Difference in ASC 606 / IFRS 15 Vs Ind AS 18
Revenue is an important point of concern to the users of Financial Statements in assessing an entity’s Financial Performance and Position....
07 Sep Identifying Performance Obligation
A performance obligation is the key factor for revenue recognition as per the new ASC 606. While determining a performance obligation, an entity will assess the goods or services promised....
28 Aug Foreign Exchange Accounting
Revenue is an important point of concern to the users of Financial Statements in assessing an entity’s Financial Performance and Position....
15 Aug Disclosure of Contract Asset, Contract Liability and Receivable
FASB Accounting Standards Codification 606-10-50-1 indicates that “the objective of the disclosure requirements in the revenue standard is for an entity to disclose sufficient information....
06 Aug Step 1 – Identify the Contract with a customer
The ASC 606 (Accounting Standard Codification), simply put, is a guide that helps entities to recognize revenue accruement by laying down clearly the principles to identify revenue contracts....