Revenuehub.org

Common ASC 606 Issues: Health Care Entities

Web3. Application of the portfolio approach to contracts with patients Applying the portfolio approach to revenue recognition can provide great relief to healthcare providers that …

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URL: https://www.revenuehub.org/article/revenue-recognition-issues-health-care-industry

Distinct Goods or Services in ASC 606

WebAug 11, 2020. Step 2 in ASC 606 Revenue from Contracts with Customers is to identify performance obligations in the contract. This means an entity must identify any promise …

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ASC 606 and ASC 326 (CECL)

WebJessica Ford. Published Date: Jan 2, 2021. As companies have started implementing Accounting Standards Codification (ASC) 326 Financial Instruments—Credit Losses …

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The Five-Step Method

WebStep 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the …

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Mattel, Inc. and Toys R Us

WebMattel, Inc. Background. Mattel is a publicly traded toy manufacturer founded in 1945 and headquartered in El Segundo, California. A Fortune 500 company, Mattel has come to …

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Collectibility of Consideration

WebPublished Date: Aug 29, 2020. One requirement for recognizing revenue is that collectibility is probable. ASC 606 requires that entities determine collectibility as part of step 1 in the …

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Variable Consideration and the Constraint

WebThe Constraint on Variable Consideration. After applying one of the two methods to estimate the variable consideration, entities must overcome one more hurdle. The consideration …

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ASC 606 vs IFRS 15

WebCollectibility Threshold. For a contract to exist, collectibility of the consideration from the customer must be “probable” under both paragraph 9 (e) of IFRS 15 and ASC 606-10-25 …

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Price Concessions in ASC 606

WebWhereas other forms of variable consideration may be explicitly stated in the contract, price concessions are frequently implied or assumed. ASC 606-10-32-7 outlines two price …

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Industry-Specific Issues

WebCommon ASC 606 Issues: Industrial Products & Manufacturing Industry. Implementing ASC 606 requires a substantial amount of time and expertise, with specific …

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Nonrefundable Upfront Fees

WebConsiderations for Nonrefundable Upfront Fees. The revenue standard addresses this issue in Accounting Standards Codification (ASC) 606-10-55-51: To identify performance …

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Stand-Ready Obligations

WebStand-ready obligations are specifically mentioned in ASC 606-10-25-18 (e): Providing a service of standing ready to provide goods or services (for example, unspecified updates …

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Allocating Variable Consideration in ASC 606

WebAllocating the variable consideration of $1,000 entirely to License Y correctly represents the amount of consideration that the entity would expect to receive in a separate transaction …

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Combining Contracts

WebAn entity may enter into two or more contracts with the same customer at or near the same time. While multiple legal contracts exist under this type of situation, Accounting …

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Definition of a Customer

WebASC 606 defines customers as “parties that contract with an entity to obtain goods or services that are an output of the entity’s ordinary activities in exchange for …

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Accounting Input vs. Output Methods in ASC 606

WebConclusion. The differences between the input and output methods (and even between measures used in each method) can result in material differences in the timing of …

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Licenses for Intellectual Property

WebSept 4, 2020. Entities often buy or sell licenses of intellectual property (“IP”)—items such as patents, software, music, and scientific compounds. These contracts are common in …

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