Non-Financial Assets and the New Standard

The FASB has launched a proposal to clarify the basis for accounting for the sale of non-financial assets within the context of the new revenue standard.  

As there has never been specific guidance to address the sale of non-financial (or not core to the business) assets, it is ASC 606's aim to help clarify such instances.  In particular, the real estate industry should take notice as it is common for sales to take place which include non-financial assets.

Refer to this article at for more detail.