Revenue (Topic 606)
E544871
Revenue (Topic 606) is the U.S. GAAP accounting standard that provides a comprehensive, principles-based framework for recognizing revenue from contracts with customers.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Revenue (Topic 606) canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T5772575 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Revenue (Topic 606) Context triple: [FASB Accounting Standards Codification, hasComponent, Revenue (Topic 606)]
-
A.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.
-
B.
ASC 740 Income Taxes
ASC 740 Income Taxes is the U.S. GAAP accounting standard that provides comprehensive guidance on the recognition, measurement, presentation, and disclosure of income taxes in financial statements.
-
C.
Revenue, Reporting, and Compliance Management
Revenue, Reporting, and Compliance Management is a division within the U.S. Office of Natural Resources Revenue responsible for overseeing the collection, reporting, and regulatory compliance of revenues derived from federal and tribal natural resources.
-
D.
ASC 260 Earnings Per Share
ASC 260 Earnings Per Share is a U.S. GAAP accounting standard that provides guidance on the calculation, presentation, and disclosure of basic and diluted earnings per share for entities with publicly traded common stock or potential common stock.
-
E.
Title V Revenue Offsets
Title V Revenue Offsets is a section of HIPAA that establishes various tax-related and revenue-raising measures to help finance the law’s health coverage and insurance reforms.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Revenue (Topic 606) Target entity description: Revenue (Topic 606) is the U.S. GAAP accounting standard that provides a comprehensive, principles-based framework for recognizing revenue from contracts with customers.
-
A.
IFRS 15 Revenue from Contracts with Customers
IFRS 15 Revenue from Contracts with Customers is an international accounting standard that sets out a comprehensive, principles-based framework for recognizing revenue from customer contracts across industries.
-
B.
ASC 740 Income Taxes
ASC 740 Income Taxes is the U.S. GAAP accounting standard that provides comprehensive guidance on the recognition, measurement, presentation, and disclosure of income taxes in financial statements.
-
C.
Revenue, Reporting, and Compliance Management
Revenue, Reporting, and Compliance Management is a division within the U.S. Office of Natural Resources Revenue responsible for overseeing the collection, reporting, and regulatory compliance of revenues derived from federal and tribal natural resources.
-
D.
ASC 260 Earnings Per Share
ASC 260 Earnings Per Share is a U.S. GAAP accounting standard that provides guidance on the calculation, presentation, and disclosure of basic and diluted earnings per share for entities with publicly traded common stock or potential common stock.
-
E.
Title V Revenue Offsets
Title V Revenue Offsets is a section of HIPAA that establishes various tax-related and revenue-raising measures to help finance the law’s health coverage and insurance reforms.
- F. None of above. chosen
Statements (50)
| Predicate | Object |
|---|---|
| instanceOf |
FASB Accounting Standards Codification topic
ⓘ
U.S. GAAP accounting standard ⓘ |
| addresses |
bill-and-hold arrangements
ⓘ
consideration payable to a customer ⓘ consignment arrangements ⓘ contract modifications ⓘ customer options for additional goods or services ⓘ licensing of intellectual property ⓘ noncash consideration ⓘ principal versus agent considerations ⓘ repurchase agreements ⓘ significant financing components ⓘ variable consideration ⓘ warranties ⓘ |
| appliesTo | contracts with customers ⓘ |
| appliesToEntityType |
employee benefit plans
ⓘ
nonpublic entities ⓘ not-for-profit entities ⓘ public entities ⓘ |
| basedOn | IFRS 15 Revenue from Contracts with Customers ⓘ |
| codifiedAs | ASC 606 ⓘ |
| corePrinciple | Recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled ⓘ |
| effectiveDateNonpublicEntities | annual reporting periods beginning after December 15, 2018 ⓘ |
| effectiveDatePublicEntities | annual reporting periods beginning after December 15, 2017 ⓘ |
| effectiveFor | public business entities ⓘ |
| frameworkType | principles-based framework ⓘ |
| governs | revenue recognition ⓘ |
| hasFullName | Revenue from Contracts with Customers ⓘ |
| issuedBy | Financial Accounting Standards Board ⓘ |
| jurisdiction |
United States
ⓘ
linked to:
United States of America
|
| measurementBasis | consideration expected to be entitled to in exchange for goods or services ⓘ |
| recognitionBasis | transfer of control of goods or services to the customer ⓘ |
| requiresDisclosure |
assets recognized from costs to obtain or fulfill a contract
ⓘ
contract balances ⓘ disaggregation of revenue ⓘ performance obligations ⓘ significant judgments and changes in judgments ⓘ |
| requiresJudgment |
allocation of transaction price
ⓘ
assessment of performance obligations ⓘ determination of transaction price ⓘ timing of revenue recognition ⓘ |
| requiresStep |
Allocate the transaction price to the performance obligations in the contract
ⓘ
Determine the transaction price ⓘ Identify the contract with a customer ⓘ Identify the performance obligations in the contract ⓘ Recognize revenue when or as the entity satisfies a performance obligation ⓘ |
| supersededStandard |
ASC 605
ⓘ
industry-specific revenue guidance in U.S. GAAP ⓘ |
| transitionMethod |
full retrospective
ⓘ
modified retrospective ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Revenue (Topic 606) Description of subject: Revenue (Topic 606) is the U.S. GAAP accounting standard that provides a comprehensive, principles-based framework for recognizing revenue from contracts with customers.
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.