Updated guide to revenue recognition

An updated edition of A guide to revenue recognition is now available. Our comprehensive guide is designed to assist middle-market companies in their application of the guidance in the Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. This edition was updated to address additional issues encountered in practice. The following list highlights some of the topics added, expanded upon, or otherwise updated in this edition of our revenue recognition guide:

• Assessing whether control of promised goods has transferred to the customer
• Existence of forwards or call options in a contract with a customer
• Bill-and-hold arrangements
• Modifications and renewals of a license of intellectual property
• Contract costs recognized in accordance with ASC 340-40, Other Assets and Deferred Costs – Contracts with Customers
• Disclosure of opening contract balances

A summary of all significant changes made in this edition can be found in Appendix F of the guide.