ASU 2017-10 codifies the EITF’s consensus that the customer in a service concession arrangement is always the grantor. This consensus will reduce diversity in practice in identifying the customer in these arrangements.
Mandatory effective dates and early adoption provisions:
Effective date:
Annual periods – Fiscal years beginning after
Interim periods – In fiscal years beginning after
Public business entities
Dec. 15, 2017
Dec. 15, 2017
All other entities
Dec. 15, 2018
Dec. 15, 2019
Early adoption allowed?
Permitted for all entities including within interim periods (date of initial application is beginning of that fiscal year)
Effective date and transition guidance for the ASU depend on whether the new revenue standard has been or will be adopted early.
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