KPMG reports on ASU 2016-08, which amends ASC 606 principal-agent guidance. The FASB clarifies the principal-agent analysis, which focuses on control of the goods or services prior to transfer to customers.
Mandatory effective dates and early adoption provisions:
Effective date: |
Public business entities and certain not-for-profit entities |
All other entities |
Annual periods – Fiscal years beginning after |
Dec. 15, 2017 |
Dec. 15, 2018 |
Interim periods – In fiscal years beginning after |
Dec. 15, 2017 |
Dec. 15, 2019 |
Early adoption allowed in fiscal years beginning after |
Dec. 15, 2016 |
Dec. 15, 2016 |
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