St. Hubertus Crossing: Revenue recognition under ASC 606 guidance
The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction...
Ausführliche Beschreibung
Autor*in: |
Davis, Larry R. [verfasserIn] Matson, Diane M. [verfasserIn] |
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Format: |
E-Artikel |
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Sprache: |
Englisch |
Erschienen: |
2021 |
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Schlagwörter: |
Rechnungswesen / Betriebswirtschaftsstudium / Wirtschaftspädagogik |
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Schlagwörter: |
Übergeordnetes Werk: |
Enthalten in: Journal of accounting education - Amsterdam : Elsevier, 1983, 55 |
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Übergeordnetes Werk: |
volume:55 |
DOI / URN: |
10.1016/j.jaccedu.2021.100726 |
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Katalog-ID: |
ELV006024882 |
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520 | |a The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. | ||
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10.1016/j.jaccedu.2021.100726 doi (DE-627)ELV006024882 (ELSEVIER)S0748-5751(21)00013-0 DE-627 ger DE-627 rda eng 370 650 DE-600 5,3 ssgn Davis, Larry R. verfasserin aut St. Hubertus Crossing: Revenue recognition under ASC 606 guidance 2021 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. 1.1\x Rechnungswesen (DE-2867)12307-0 stw 1.2\x Betriebswirtschaftsstudium (DE-2867)18872-2 stw 1.3\x Wirtschaftspädagogik (DE-2867)15684-4 stw Revenue recognition standard Performance obligations Construction industry Matson, Diane M. verfasserin aut Enthalten in Journal of accounting education Amsterdam : Elsevier, 1983 55 Online-Ressource (DE-627)320594394 (DE-600)2019356-7 (DE-576)259485055 0748-5751 nnns volume:55 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 AR 55 |
spelling |
10.1016/j.jaccedu.2021.100726 doi (DE-627)ELV006024882 (ELSEVIER)S0748-5751(21)00013-0 DE-627 ger DE-627 rda eng 370 650 DE-600 5,3 ssgn Davis, Larry R. verfasserin aut St. Hubertus Crossing: Revenue recognition under ASC 606 guidance 2021 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. 1.1\x Rechnungswesen (DE-2867)12307-0 stw 1.2\x Betriebswirtschaftsstudium (DE-2867)18872-2 stw 1.3\x Wirtschaftspädagogik (DE-2867)15684-4 stw Revenue recognition standard Performance obligations Construction industry Matson, Diane M. verfasserin aut Enthalten in Journal of accounting education Amsterdam : Elsevier, 1983 55 Online-Ressource (DE-627)320594394 (DE-600)2019356-7 (DE-576)259485055 0748-5751 nnns volume:55 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 AR 55 |
allfields_unstemmed |
10.1016/j.jaccedu.2021.100726 doi (DE-627)ELV006024882 (ELSEVIER)S0748-5751(21)00013-0 DE-627 ger DE-627 rda eng 370 650 DE-600 5,3 ssgn Davis, Larry R. verfasserin aut St. Hubertus Crossing: Revenue recognition under ASC 606 guidance 2021 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. 1.1\x Rechnungswesen (DE-2867)12307-0 stw 1.2\x Betriebswirtschaftsstudium (DE-2867)18872-2 stw 1.3\x Wirtschaftspädagogik (DE-2867)15684-4 stw Revenue recognition standard Performance obligations Construction industry Matson, Diane M. verfasserin aut Enthalten in Journal of accounting education Amsterdam : Elsevier, 1983 55 Online-Ressource (DE-627)320594394 (DE-600)2019356-7 (DE-576)259485055 0748-5751 nnns volume:55 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 AR 55 |
allfieldsGer |
10.1016/j.jaccedu.2021.100726 doi (DE-627)ELV006024882 (ELSEVIER)S0748-5751(21)00013-0 DE-627 ger DE-627 rda eng 370 650 DE-600 5,3 ssgn Davis, Larry R. verfasserin aut St. Hubertus Crossing: Revenue recognition under ASC 606 guidance 2021 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. 1.1\x Rechnungswesen (DE-2867)12307-0 stw 1.2\x Betriebswirtschaftsstudium (DE-2867)18872-2 stw 1.3\x Wirtschaftspädagogik (DE-2867)15684-4 stw Revenue recognition standard Performance obligations Construction industry Matson, Diane M. verfasserin aut Enthalten in Journal of accounting education Amsterdam : Elsevier, 1983 55 Online-Ressource (DE-627)320594394 (DE-600)2019356-7 (DE-576)259485055 0748-5751 nnns volume:55 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 AR 55 |
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10.1016/j.jaccedu.2021.100726 doi (DE-627)ELV006024882 (ELSEVIER)S0748-5751(21)00013-0 DE-627 ger DE-627 rda eng 370 650 DE-600 5,3 ssgn Davis, Larry R. verfasserin aut St. Hubertus Crossing: Revenue recognition under ASC 606 guidance 2021 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. 1.1\x Rechnungswesen (DE-2867)12307-0 stw 1.2\x Betriebswirtschaftsstudium (DE-2867)18872-2 stw 1.3\x Wirtschaftspädagogik (DE-2867)15684-4 stw Revenue recognition standard Performance obligations Construction industry Matson, Diane M. verfasserin aut Enthalten in Journal of accounting education Amsterdam : Elsevier, 1983 55 Online-Ressource (DE-627)320594394 (DE-600)2019356-7 (DE-576)259485055 0748-5751 nnns volume:55 GBV_USEFLAG_U SYSFLAG_U GBV_ELV GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2038 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2336 GBV_ILN_2507 GBV_ILN_2522 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4242 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4313 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4393 AR 55 |
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st. hubertus crossing: revenue recognition under asc 606 guidance |
title_auth |
St. Hubertus Crossing: Revenue recognition under ASC 606 guidance |
abstract |
The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. |
abstractGer |
The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. |
abstract_unstemmed |
The revenue recognition standard, ASU No. 2014-09--codified as ASC 606 Revenue Recognition, which replaces in its entirety ASC 605 Revenue Recognition and amends several other sections of the codification--is significantly affecting revenue recognition in many industries, including the construction industry. An actual construction project inspired this case. The contract for the project included the construction of a bridge over a river, highway bypasses, and a walking and bike path as well as environmental rehabilitation of riverbanks which had been cleared in the past. We provide background information on the need for a new bridge and the various governmental units involved, along with revenue and cost data, and a schedule for completing the various parts of the contract. You are asked to make multiple judgments related to the application of the guidance, including (1) whether the contract in question meets the requirements of a contract as specified in the guidance, (2) what the performance obligations embedded in the contract are, and (3) how revenue might be allocated to the performance obligations. You also must determine appropriate treatment for the changes to the contract and consider the possibility of acceleration of revenue recognition. The case is intended to make you aware that the application of the new guidance may require professional judgment in the face of ambiguous fact patterns and to provide them with experience in dealing with a more complex case than is typically provided in end-of-chapter problems. |
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title_short |
St. Hubertus Crossing: Revenue recognition under ASC 606 guidance |
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up_date |
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