External resource

FASB Accounting Standards Codification Topic 606, Revenue from Contracts with Customers

Authoritative US GAAP starting point for contract scope, performance obligations, transaction price, allocation, recognition, presentation, and disclosure for revenue from customers.

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About this authority

Publisher: Financial Accounting Foundation
Standing: Primary authority
Version: Topic 606 as accessed 2026-08-07
Relevant parts: Subtopic 606-10; Section 606-10-45 for presentation and Section 606-10-50 for disclosure
Currency: current · checked Aug 7, 2026

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Topic 606 addresses revenue from contracts with customers under United States generally accepted accounting principles (US GAAP). First check whether the contract is within its scope. The revenue model then asks you to identify the contract and promises, determine and assign the price, and record revenue as the required goods or services are transferred.

For the distinction between a customer advance and a receivable, begin with Section 606-10-45 on presentation. Section 606-10-50 addresses disclosures. Open the actual paragraphs, including their definitions and conditions, before applying them to the facts.

An Accounting Standards Update explains changes to the standards. Use the current Codification to establish which requirements apply to the reporting period.