Heads Up — FASB provides guidance on recognizing and measuring contract assets and contract liabilities from contracts with customers acquired in a business combination

Published on: 02 Nov 2021

This Heads Up discusses the FASB’s recently issued Accounting Standards Update (ASU) No. 2021-08, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers. The ASU amends ASC 805 to “require acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities in a business combination.”


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