ASC

ASC 605-924

Entertainment—Casinos

605 Revenue Recognition

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In brief

IntermediateRevenueIndustry-specificTransition and effective dates

ASC 605-924 formerly contained the industry-specific revenue recognition guidance for casinos (gaming revenue, casino jackpot liabilities, and related presentation). Every substantive paragraph has been superseded by ASU 2014-09, so the subtopic carries no remaining guidance. Casino revenue is now accounted for under ASC 606, with any surviving industry considerations in ASC 924 and ASC 606-10-55.

Key points (5)
  • All recognition, presentation, implementation, and scope paragraphs of this subtopic (605-924-05-1, 15-1, 25-1 through 25-3, 45-1, 45-2, 55-1, 55-2) were superseded by Accounting Standards Update No. 2014-09.
  • 605-924-50-1 is designated 'Paragraph not used,' so the subtopic contains no disclosure requirements.
  • The transition paragraph 605-924-65-1 was superseded on 06/18/2012 after the end of the transition period stated in ASU 2010-16, Entertainment—Casinos (Topic 924): Accruals for Casino Jackpot Liabilities.
  • Because nothing remains in force, casino gaming revenue is recognized under Topic 606's five-step model rather than legacy Topic 605 industry guidance.
  • ASU 2010-16 addressed when a casino may accrue a liability for base jackpots; that guidance, as amended, resides in Topic 924 rather than in this superseded revenue subtopic.

For students. This subtopic is a shell—citing it as live authority is the classic mistake; ASU 2014-09 wiped out the legacy casino revenue rules. If you need casino revenue or jackpot accrual guidance today, go to ASC 606 (including the implementation guidance) and ASC 924.

superseded guidancecasino gaming revenuejackpot liabilitiesindustry-specific revenue recognitionlegacy gaaprevenue standard transition

Machine-generated study aid for ASC 605-924. Check the source paragraphs below.

605-924-00Status

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605-924-05Overview and Background

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605-924-15Scope and Scope Exceptions

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605-924-20Glossary

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605-924-25Recognition

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605-924-45Other Presentation Matters

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605-924-50Disclosure

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605-924-55Implementation Guidance and Illustrations

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605-924-65Transition and Open Effective Date Information

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605-924-65-1
Paragraph superseded on 06/18/2012 after the end of the transition period stated in Accounting Standards Update No. 2010-16, Entertainment—Casinos (Topic 924): Accruals for Casino Jackpot Liabilities.

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