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Under previous revenue guidance, some reporting entities may have elected to present shipping and handling costs in a line item other than costs of revenue and have continued that practice under ASC 606.
- 3.6 Shipping and handling
ASC 606 allows entities to elect to account for shipping and...
- 3.6 Shipping and handling
ASC 606 allows entities to elect to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment cost rather than an additional promised service.
14 mar 2017 · Accounting for shipping and handling is changing under the new revenue recognition standard (ASC 606), creating a new difference with IFRS (IFRS 15).
Topic 606 includes implementation guidance on when to recognize revenue for a sales-based or usage-based royalty promised in exchange for a license of intellectual property.
3 lip 2018 · ASC 606, as amended and clarified by ASU 2016-10, states that shipping and handling activities that occur before the customer obtains control of the related good are fulfillment activities (i.e., not a separate performance obligation).
11 mar 2022 · While both IFRS 15 and Topic 606 remain substantially converged, certain differences exist that can affect comparability. Here we summarize what we see as the top 10 differences in revenue accounting and disclosures under IFRS Standards and US GAAP. IFRS 15. Topic 606. Consideration for preparers.
This publication discusses the areas in which the final revenue standards (ASC 606 and IFRS 15, Revenue from Contracts with Customers) are expected to have the greatest impact for companies in the transportation and logistics industry, broken down by step of the model.
