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Our Technical Line highlights key implications of the new revenue standard for life sciences entities. This publication has been updated to address issues related to how termination clauses affect contract duration, medical device arrangements with lease components and modifications of licenses of IP. It also reflects guidance the FASB issued to clarify that certain transactions between participants in a collaborative arrangement should be accounted for under the new revenue standard when the counterparty is a customer. It supplements our FRD publication, Revenue from contracts with customers (ASC 606), and should be read in conjunction with it.