TOPIC 606, REVENUE FROM CONTRACTS WITH CUSTOMERS
Topic 606 sets out a single and comprehensive framework for revenue recognition. It addresses virtually all industries under U.S. GAAP. Topic 606 comes into effect for public business entities for annual reporting periods beginning after December 15, 2017. All other entities will adopt the standard for annual reporting periods beginning after December 15, 2018. Read about transition methods and presentation and disclosure issues related to the new revenue recognition standard by following the links below.