Asc 2018 073/17/2021
We believe that there is more than one acceptable approach to making such a determination.This alert focuses on two illustrative approaches and includes sample journal entries for each one.
Under the ASU, most of the guidance on such payments to nonemployees would be aligned with the requirements for share-based payments granted to employees. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted if financial statements have not yet been issued (for PBEs) or have not yet been made available for issuance (for all other entities), but no earlier than an entitys adoption date of ASC 606. If early adoption is elected, all amendments in the ASU that apply must be adopted in the same period. ![]() In the application of a modified retrospective transition approach. On the basis of discussions with the FASB staff, we believe that it is acceptable to determine the adoption date as of either (1) the beginning of the fiscal year in which the entity adopts the ASU or (2) the beginning of the interim period in which the entity adopts the ASU. In addition, because the guidance may not be clear, other approaches may be acceptable. However, under any approach, any transition adjustments should be reflected as of the beginning of the fiscal year of adoption. Archives are available on the Deloitte Accounting Research Tool website. Asc 2018 07 Password You HaveDeloitte users: Log in here one time only with the password you have been using for DbriefsMy Deloitte. Link your accounts by re-verifying below, or by logging in with a social media account. Link your accounts by signing in with your email or social account. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the Deloitte name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting.
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