Accounting Standards Update · 2010
ASU 2010-16 — Entertainment—Casinos (Topic 924)
Affects924 Entertainment—Casinos
This Update clarifies that an entity should not accrue a casino jackpot liability (or portions thereof) before the jackpot is won if the entity can avoid paying that jackpot. Jackpots should be accrued and charged to revenue when an entity has the obligation to pay the jackpot. The guidance under Topic 924 applies to both base and progressive jackpots.
Issued: April 26, 2010
Text as published in the FASB Accounting Standards Codification, Basic View.