# ASC 605-15: Revenue Recognition — Products

Source: FASB Accounting Standards Codification, Basic View

[Read online](https://asc.understandingaccounting.org/asc/605/15/)

Study and research edition. Verify current requirements with the official source. Summaries, enrichment, and tags are machine-generated study aids. Paragraph html preserves source markup; snippet is abbreviated. Pending content is not necessarily effective.

Tables and mathematical or amendment markup are retained as HTML where Markdown would lose structure.

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## ASC 605-15: Revenue Recognition — Products

### Machine-generated study aids

```json
{
  "summary": "ASC 605-15 was the legacy guidance on revenue recognition for sales of product, most notably sales with a right of return (and related product financing and industry arrangements). Every paragraph in the subtopic — background, scope, recognition, and presentation — has been superseded by ASU 2014-09, which replaced it with the revenue model in ASC 606. As a result, the subtopic contains no operative guidance today and exists only as a historical marker.",
  "key_points": [
    "All of Sections 05, 15, 25, and 45 of ASC 605-15 are superseded by Accounting Standards Update No. 2014-09 (see 605-15-05-1 through 05-7, 15-1 through 15-4, 25-1 through 25-5, and 45-1).",
    "Because no paragraph remains operative, ASC 605-15 imposes no recognition, measurement, or presentation requirements for product sales.",
    "Revenue from sales of products, including arrangements with a right of return, is now accounted for under ASC 606, with returns treated as variable consideration and a refund liability.",
    "Costs of obtaining or fulfilling a contract formerly addressed alongside legacy revenue guidance are now in ASC 340-40.",
    "Entities that have adopted ASU 2014-09 must not apply the superseded 605-15 criteria (such as the former reasonable-estimate-of-returns conditions) to recognize product revenue."
  ],
  "categories": [
    "Revenue",
    "Transition and effective dates",
    "Recognition"
  ],
  "audience_level": "intermediate",
  "student_note": "This subtopic is a shell: its only content is the notation that ASU 2014-09 superseded it, so any exam question about product sales or rights of return should be answered under ASC 606. The common mistake is citing the old 605-15 \"reasonable estimate of returns\" conditions instead of ASC 606's variable consideration and refund liability model.",
  "related_topics": [
    "606",
    "606-10",
    "340-40",
    "605-10",
    "845"
  ],
  "key_concepts": [
    "superseded guidance",
    "sales with a right of return",
    "product revenue recognition",
    "revenue from contracts with customers",
    "variable consideration",
    "refund liability"
  ]
}
```

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## ASC 605-15-00: 00 Status

[Read section](https://asc.understandingaccounting.org/asc/605/15/#00-status)

SEC content: no

##### [605-15-00-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-00-1)

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The following table identifies the changes made to this Subtopic.

<table class="asc-table" id="SL51653034-203223"><tbody><tr><td class="entry"><strong class="ph b">Paragraph</strong></td><td class="entry"><strong class="ph b">Action</strong></td><td class="entry"><strong class="ph b">Accounting Standards Update</strong></td><td class="entry"><strong class="ph b">Date</strong></td></tr><tr><td class="entry"></td><td class="entry"></td><td class="entry"></td><td class="entry"></td></tr><tr><td class="entry"><strong class="ph b">Warranty</strong></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2014-09/" class="xref">Accounting Standards Update No. 2014-09</a></td><td class="entry">05/28/2014</td></tr><tr><td class="entry"></td><td class="entry"></td><td class="entry"></td><td class="entry"></td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-05-1" class="xref">605-15-05-1 through 05-7</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2014-09/" class="xref">Accounting Standards Update No. 2014-09</a></td><td class="entry">05/28/2014</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-15-1" class="xref">605-15-15-1 through 15-4</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2014-09/" class="xref">Accounting Standards Update No. 2014-09</a></td><td class="entry">05/28/2014</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-25-1" class="xref">605-15-25-1 through 25-5</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2014-09/" class="xref">Accounting Standards Update No. 2014-09</a></td><td class="entry">05/28/2014</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-45-1" class="xref">605-15-45-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2014-09/" class="xref">Accounting Standards Update No. 2014-09</a></td><td class="entry">05/28/2014</td></tr></tbody></table>

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## ASC 605-15-05: 05 Overview and Background

[Read section](https://asc.understandingaccounting.org/asc/605/15/#05-overview-and-background)

SEC content: no

##### [605-15-05-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-05-1)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-05-2](https://asc.understandingaccounting.org/asc/605/15/#605-15-05-2)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-05-3](https://asc.understandingaccounting.org/asc/605/15/#605-15-05-3)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-05-4](https://asc.understandingaccounting.org/asc/605/15/#605-15-05-4)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-05-5](https://asc.understandingaccounting.org/asc/605/15/#605-15-05-5)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-05-6](https://asc.understandingaccounting.org/asc/605/15/#605-15-05-6)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-05-7](https://asc.understandingaccounting.org/asc/605/15/#605-15-05-7)

Pending content: no

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

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## ASC 605-15-15: 15 Scope and Scope Exceptions

[Read section](https://asc.understandingaccounting.org/asc/605/15/#15-scope-and-scope-exceptions)

SEC content: no

##### [605-15-15-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-15-1)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-15-2](https://asc.understandingaccounting.org/asc/605/15/#605-15-15-2)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-15-3](https://asc.understandingaccounting.org/asc/605/15/#605-15-15-3)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-15-4](https://asc.understandingaccounting.org/asc/605/15/#605-15-15-4)

Pending content: no

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

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## ASC 605-15-20: 20 Glossary

[Read section](https://asc.understandingaccounting.org/asc/605/15/#20-glossary)

SEC content: no

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## ASC 605-15-25: 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/605/15/#25-recognition)

SEC content: no

##### [605-15-25-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-25-1)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-25-2](https://asc.understandingaccounting.org/asc/605/15/#605-15-25-2)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-25-3](https://asc.understandingaccounting.org/asc/605/15/#605-15-25-3)

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-25-4](https://asc.understandingaccounting.org/asc/605/15/#605-15-25-4)

Pending content: no

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

##### [605-15-25-5](https://asc.understandingaccounting.org/asc/605/15/#605-15-25-5)

Pending content: no

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

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Effective as of: not established by retrieval timestamps.


## ASC 605-15-45: 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/605/15/#45-other-presentation-matters)

SEC content: no

##### [605-15-45-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-45-1)

Pending content: no

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[Paragraph superseded by Accounting Standards Update No. 2014-09](https://asc.understandingaccounting.org/updates/asu-2014-09/).

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## ASC 605-15-S00: SEC 00 Status

[Read section](https://asc.understandingaccounting.org/asc/605/15/#sec-00-status)

SEC content: yes

##### [605-15-S00-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-S00-1)

Pending content: no

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Effective as of: not established by retrieval timestamps.


The following table identifies the changes made to this Subtopic.

<table class="asc-table" frame="all" id="SL5311990-161650"><tbody><tr><td class="entry"><strong class="ph b">Paragraph</strong></td><td class="entry"><strong class="ph b">Action</strong></td><td class="entry"><strong class="ph b">Accounting Standards Update</strong></td><td class="entry"><strong class="ph b">Date</strong></td></tr><tr><td class="entry"></td><td class="entry"></td><td class="entry"></td><td class="entry"></td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S25-1" class="xref">605-15-S25-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-14/" class="xref">Accounting Standards Update No. 2017-14</a></td><td class="entry">11/22/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S25-2" class="xref">605-15-S25-2</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-14/" class="xref">Accounting Standards Update No. 2017-14</a></td><td class="entry">11/22/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S45-1" class="xref">605-15-S45-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-14/" class="xref">Accounting Standards Update No. 2017-14</a></td><td class="entry">11/22/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S50-1" class="xref">605-15-S50-1</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-14/" class="xref">Accounting Standards Update No. 2017-14</a></td><td class="entry">11/22/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S50-2" class="xref">605-15-S50-2</a></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-14/" class="xref">Accounting Standards Update No. 2017-14</a></td><td class="entry">11/22/2017</td></tr><tr><td class="entry"><div class="xref-range displayInline"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S99-1" class="xref">605-15-S99-1 through S99-3</a></div></td><td class="entry">Superseded</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2017-14/" class="xref">Accounting Standards Update No. 2017-14</a></td><td class="entry">11/22/2017</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S99-1" class="xref">605-15-S99-1</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2009-07/" class="xref">Accounting Standards Update No. 2009-07</a></td><td class="entry">09/15/2009</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S99-2" class="xref">605-15-S99-2</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2012-03/" class="xref">Accounting Standards Update No. 2012-03</a></td><td class="entry">08/27/2012</td></tr><tr><td class="entry"><a href="https://asc.understandingaccounting.org/asc/605/15/#605-15-S99-2" class="xref">605-15-S99-2</a></td><td class="entry">Amended</td><td class="entry"><a href="https://asc.understandingaccounting.org/updates/asu-2009-03/" class="xref">Accounting Standards Update No. 2009-03</a></td><td class="entry">08/24/2009</td></tr></tbody></table>

Source downloaded (UTC): 2026-09-10T00:41:54.304Z to 2026-09-10T00:41:54.304Z

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Effective as of: not established by retrieval timestamps.


## ASC 605-15-S20: SEC 20 Glossary

[Read section](https://asc.understandingaccounting.org/asc/605/15/#sec-20-glossary)

SEC content: yes

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Effective as of: not established by retrieval timestamps.


## ASC 605-15-S25: SEC 25 Recognition

[Read section](https://asc.understandingaccounting.org/asc/605/15/#sec-25-recognition)

SEC content: yes

##### [605-15-S25-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-S25-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:41:57.887Z to 2026-09-10T00:41:57.887Z

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[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).

##### [605-15-S25-2](https://asc.understandingaccounting.org/asc/605/15/#605-15-S25-2)

Pending content: no

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[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).

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Effective as of: not established by retrieval timestamps.


## ASC 605-15-S45: SEC 45 Other Presentation Matters

[Read section](https://asc.understandingaccounting.org/asc/605/15/#sec-45-other-presentation-matters)

SEC content: yes

##### [605-15-S45-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-S45-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:42:01.588Z to 2026-09-10T00:42:01.588Z

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[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).

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Snapshot version: sha256:15aea8165dff9f5ae47d9484f8470588b13b307f56e1d50801bf4d85ec190e3f

Effective as of: not established by retrieval timestamps.


## ASC 605-15-S50: SEC 50 Disclosure

[Read section](https://asc.understandingaccounting.org/asc/605/15/#sec-50-disclosure)

SEC content: yes

##### [605-15-S50-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-S50-1)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:42:04.231Z to 2026-09-10T00:42:04.231Z

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[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).

##### [605-15-S50-2](https://asc.understandingaccounting.org/asc/605/15/#605-15-S50-2)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:42:04.231Z to 2026-09-10T00:42:04.231Z

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[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).

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Effective as of: not established by retrieval timestamps.


## ASC 605-15-S99: SEC 99 SEC Materials

[Read section](https://asc.understandingaccounting.org/asc/605/15/#sec-99-sec-materials)

SEC content: yes

##### [605-15-S99-1](https://asc.understandingaccounting.org/asc/605/15/#605-15-S99-1)

Pending content: no

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Effective as of: not established by retrieval timestamps.


[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).

##### [605-15-S99-2](https://asc.understandingaccounting.org/asc/605/15/#605-15-S99-2)

Pending content: no

Source downloaded (UTC): 2026-09-10T00:42:07.607Z to 2026-09-10T00:42:07.607Z

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[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).

##### [605-15-S99-3](https://asc.understandingaccounting.org/asc/605/15/#605-15-S99-3)

Pending content: no

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[Paragraph superseded by Accounting Standards Update No. 2017-14](https://asc.understandingaccounting.org/updates/asu-2017-14/).