Scope of this reference
Inspect the standard and the scope used in the teaching material. The verification date describes the stored review.
- Authority
- Financial Accounting Standards Board
- Standard
- ASC Topic 606
- Version
- Codification content as verified 2026-09-10
- Where it applies
- United States GAAP
- Entities covered
- Entities applying ASC 606 to contracts with customers; complete contract, scope, performance, consideration, allocation, timing, collectibility, and presentation facts required
- Last source check recorded
- Sep 10, 2026
- Status recorded at review
- current
- Effective from
- Not specified in this record
Check the applicable effective dates and later amendments in the source before applying this reference.
Concepts using this reference (4)
Instructional scope
ASC 606-10-25-23 connects revenue recognition to satisfying a performance obligation by transferring a promised good or service to a customer. ASC 606-10-45-4 distinguishes an unconditional receivable from a contract asset. The foundational accrued-revenue example supplies completed performance and an unconditional right before later billing and collection.
Limitations
The supplied example does not establish that every unbilled amount is revenue or a receivable. A specific conclusion still requires the complete contract, scope, performance obligations, transaction price, allocation, transfer, measurement, collectibility, and presentation facts. Later amendments and effective dates must also be checked for the reporting period.