Handbooks | March 2022

 

Insight

Real estate revenue guide

Latest edition: Our Q&As on the FASB’s revenue and other income recognition standards in the real estate industry.

Angie Storm

Angie Storm

Deputy Chief Accountant, Dept. of Professional Practice, KPMG US

+1 212-909-5488

Daniel Jones

Daniel Jones

Senior Manager, Dept. of Professional Practice, KPMG US

+1 267-256-7003

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

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