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Technical Line - Revenue recognition considerations for the effects of the COVID-19 pandemic


Overview

Our publication summarizes certain requirements of Accounting Standards Codification 606, Revenue from Contracts with Customers, and provides questions for companies to consider to help them evaluate the potential economic effects of the COVID-19 pandemic on revenue recognition. Areas that may be affected include variable consideration, contract modifications and terminations, collectibility and any extended payment terms, customer incentives and changes to selling prices, loss contracts and capitalized contract costs.

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