Revenue Contracts – Financial Reporting Advisory, LLC

GAAP Part 4.16 Revenue Contracts Exception

Contract Assets or Liabilities ASC 606

Revenue Contract Assets and Liabilities arise between two parties when a service is provided before consideration is transferred. Contract Assets and Liabilities are measured under ASC 606 - Revenue Recognition when established outside of a business combination. Contract Assets and Liabilities must be measured according to ASC 805 when established in relation to a Business Combination.

Do you have any Contract Assets or Liabilities which were established in conjunction with a Business Combination?

Yes

Please mark the relevant accounts below as well as their Fair Value.

Exception does not apply.

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