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Chapter 16 — Effective Date and Transition

16.7 Separation and Allocation of Consideration to Components in a Contract in Transition

16.7 Separation and Allocation of Consideration to Components in a Contract in Transition

Footnotes

26
Note that this would not apply to lessees because a lessee does not perform services or generate revenue under a lease contract.
27
“Substantial services” is a term used in EITF Issue 01-8 to differentiate services not accounted for under lease accounting from executory costs accounted for under lease accounting. This distinction between maintenance services, which are executory costs that historically have been accounted for under ASC 840, and substantial services, which historically have been accounted for under ASC 605, was raised in EITF Issue 08-2 but was not further clarified.
28
For public companies, ASC 606 became effective for annual reporting periods beginning after December 15, 2017, and interim periods therein.
29
For public companies, ASC 842 became effective for annual reporting periods beginning after December 15, 2018, and interim periods therein (i.e., one year after the effective date of ASC 606).