Select a section below and enter your search term, or to search all click By accessing this document, you acknowledge that use of this document is limited solely to you or your Company's internal purposes and, solely for the purposes of study, training, and research questions. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. ASC 840-10 notes that it establishes the classification criteria for all leases and provides accounting and financial reporting guidance that applies without regard to a leases classification., ASC 840-20 notes that it addresses accounting by lessees and lessors for leases that have been classified as operating leases in accordance with the guidance in Subtopic 840-10., ASC 840-30 notes that it addresses accounting by lessees and lessors for leases that have been classified as capital leases in accordance with the guidance in Subtopic 840-10.. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In a handout prepared for the meeting, the FASB staff noted that stakeholder feedback on the revenue standard was positive overall, particularly from users of financial statements since the standard results in more useful and transparent information, improved disclosures, and comparability across entities and industries. A PDF version of this publication is attached here: This guide summarizes the applicable accounting literature, including relevant references to and excerpts from the FASBs Accounting Standards Codification (the Codification). change your targeting/advertising cookie settings. Also new to this year's update are several short videos that provide additional insight into certain aspects of the presentation of cash flows. Please see www.deloitte.com/about to learn more about our global network of member firms. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication. Certain services may not be available to attest clients under the rules and regulations of public accounting. Subscribe to receive Roadmap series publications via email. References to other guides are indicated by the applicable guide abbreviation followed by the specific section number. Deloitte clients who are not DART subscribers may request printed copies of Roadmaps from their engagement teams. For more information, see Deloitte's Roadmap Non-GAAP Financial Measures and Metrics. The Roadmap reflects guidance issued through December 8, 2021, and discusses several active FASB projects that may result in changes to current requirements. Download the PDF. Copyright 2022 Deloitte Development LLC. See Deloittes Roadmap Revenue Recognition for a more comprehensive discussion of accounting and financial reporting considerations related to the recognition of revenue from contracts with customers under ASC 606. In evaluating these two conditions, the entity must consider all relevant information that is available as of the date the financial statements are issued (or are available to be issued). PricewaterhouseCoopers LLP, its members, employees, and agents shall not be responsible for any loss sustained by any person or entity that relies on the information contained in this publication. This publication is intended to help entities navigate the guidance and arrive at appropriate accounting conclusions. Please enable JavaScript to view the site. Fullwidth SCC. An entity must recognize a contingent liability when both (1) it is probable that a loss has been incurred and (2) the amount of the loss is reasonably estimable. On the Radar briefly summarizes emerging issues and trends related to the accounting and financial reporting topics addressed in our Roadmaps. Please seewww.pwc.com/structurefor further details. Do not delete! On the Radar briefly summarizes emerging issues and trends related to the accounting and financial reporting topics addressed in our Roadmaps. Sale-leaseback transactions involve the sale of property by the owner and a lease of the property back to the seller. Significant judgments frequently need to be made when an entity evaluates the appropriate recognition of revenue from contracts with customers. This process enables the Board to solicit and consider stakeholder input and FASB staff research. This Roadmap provides Deloitte's insights into and interpretations of the guidance on noncontrolling interests, primarily that in ASC 810-10 and ASC 480-10-S99-3A. The other PwC guides referred to in this guide, including their abbreviations, are: Following is a summary of the noteworthy revisions. Ashley Carpenter Once you have viewed this piece of content, to ensure you can access the content most relevant to you, please confirm your territory. PwC. By continuing to browse this site, you consent to the use of cookies. Entities often have difficulty determining the appropriate judgments to apply in the identification of performance obligations and the assessment of whether an entity is a principal or an agent, as described below. Application of the five steps illustrated above requires a critical assessment of the specific facts and circumstances of an entitys arrangement with its customer. This publication has been prepared for general informational purposes, and does not constitute professional advice on facts and circumstances specific to any person or entity. that is needed on this page. Archives are available on the Deloitte Accounting Research Tool website.The Roadmap series contains comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. This message will not be visible when page is activated. DTTL and each of its member firms are legally separate and independent entities. Contract arrangements typically include myriad criteria that may affect the application of the ASC 606 revenue recognition standard. FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Acquisitions SEC Reporting Considerations, Comparing IFRS Accounting Standards and U.S. GAAP, Consolidation Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Convertible Debt (Before Adoption of ASU 2020-06), Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees SEC Reporting Considerations, Fair Value Measurements and Disclosures (Including the Fair Value Option), Guarantees and Collateralizations SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Qualitative Goodwill Impairment Assessment A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. All rights reserved. If no amount within the range is a better estimate, the minimum amount within the range should be accrued, even though the minimum amount may not represent the ultimate settlement amount. This Roadmap provides Deloitte's insights into and interpretations of the accounting guidance on the statement of cash flows, primarily that in ASC 230. Required subscriptions. The disclosure requirements under the revenue standard are significant and more comprehensive than those under legacy revenue guidance. Archives are available on the Deloitte Accounting Research Tool websiteThe Roadmap series contains comprehensive, easy-to-understand accounting guides on selected topics of broad interest to the financial reporting community. Each member firm is a separate legal entity. The DEI Training Plan and Roadmap provides an overview of key training opportunities for WSP. In addition, the Roadmap highlights (1) the requirements of ASC 842 that significantly differ from those in ASC 840 (the FASB's previous leasing guidance) and IFRS 16 (the IASB's leasing standard) and (2) recent standard-setting developments (through October 31, 2021). Learn how LeaseController, end-to-end lease accounting software from Deloitte, can help you facilitate compliance while strengthening your lease accounting program. STUDIO DEVELOPMENT TEAM +++, Telecommunications, Media & Entertainment. Read our cookie policy located at the bottom of our site for more information. This box/component contains JavaScript that is needed on this page. At its July 28, 2021, meeting, the FASB discussed feedback received to date on the revenue standard. It also provides our insights and perspectives, interpretative and application guidance, illustrative examples, and discussion on emerging practice issues. Additional updates may be made to keep pace with significant developments. FASB Accounting Standards Codification Manual, SEC Rules & Regulations (Title 17 Commodity and Securities Exchanges), Trust Services Principles, Criteria, and Illustrations, Principles and Criteria for XBRL-Formatted Information, Audit and Accounting Guides & Audit Risk Alerts, Other Publications, Press Releases, and Reports, Dbriefs Financial Reporting Presentations, Business Acquisitions SEC Reporting Considerations, Comparing IFRS Accounting Standards and U.S. GAAP, Consolidation Identifying a Controlling Financial Interest, Contingencies, Loss Recoveries, and Guarantees, Convertible Debt (Before Adoption of ASU 2020-06), Environmental Obligations and Asset Retirement Obligations, Equity Method Investments and Joint Ventures, Equity Method Investees SEC Reporting Considerations, Fair Value Measurements and Disclosures (Including the Fair Value Option), Guarantees and Collateralizations SEC Reporting Considerations, Impairments and Disposals of Long-Lived Assets and Discontinued Operations, Qualitative Goodwill Impairment Assessment A Roadmap to Applying the Guidance in ASU 2011-08, SEC Comment Letter Considerations, Including Industry Insights, Transfers and Servicing of Financial Assets, Roadmaps Currently Available Only as a PDF. For example, a non-GAAP performance measure that reflects revenue recognized over the service period under GAAP on an accelerated basis as if the registrant earned revenue when it billed its customers is likely to be prohibited because it is an individually tailored accounting principle and does not reflect the registrants required GAAP recognition method. In addition, these topics are frequently discussed in SEC staff speeches at the annual AICPA Conference on Current SEC and PCAOB Developments. 974 Real EstateReal Estate Investment Trusts, Deloitte Guidance Sale-Leaseback Transactions, Roadmap: Leases (for Entities That Have Adopted ASC 842). For more information, see Deloittes Roadmap Non-GAAP Financial Measures and Metrics. Page is activated can help you facilitate compliance while strengthening your lease accounting from. From Deloitte, can help you facilitate compliance while strengthening your lease accounting program can you! 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