Real estate revenue guide

KPMG answers frequently asked questions on applying ASC 606 and ASC 610-20 in the real estate industry – including updated interpretations based on our experience with companies applying the standards.

Relevant dates

• Effective immediately.

Key impacts

Responses to common questions on:

• Analyzing the application of ASC 606 and ASC 610-20
• Applying the 5-step revenue recognition model
• Applying the transitional guidance
• Understanding the ASC 606 interaction with the leasing standard, ASC 842

Report contents:

• Scope
• Step 1: Identify the contract
• Step 2: Identify the performance obligations
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price
• Step 5: Recognize revenue
• Other implementation matters