The amendments require an acquirer to recognize and measure contract assets and contract liabilities in a business combination based on the guidance of ASC 606 rather than fair value.
Effective date | Public entities | All other entities |
---|---|---|
Annual periods – Fiscal years beginning after |
December 15, 2022 |
December 15, 2023 |
Interim periods – In fiscal years beginning after |
December 15, 2022 |
December 15, 2023 |
Early adoption allowed in fiscal years beginning after |
Immediately |
Immediately |
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