Meiwu Technology Co Ltd cited accounting standard ASU 2016-13 for the first time in this filing series
Since January 1, 2024, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using the modified retrospective transition method.
Evidence
Adopted
2016-13
Contexts
Since January 1, 2024, the Company adopted Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), using the modified retrospective transition method.
An accounting standard (ASU) appears in this filing that did not appear in the previous comparable one, in a sentence describing it as adopted. That is a change in what the company discloses, which is not always a change of policy in the current period: the filing may state an adoption date years earlier.
Meiwu Technology Co Ltd changed its revenue recognition disclosure
This new guidance provides a five-step analysis in determining when and how revenue is recognized.
Evidence
New language
This new guidance provides a five-step analysis in determining when and how revenue is recognized., Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services.
Prior filed
2025-05-14
Prior form
20-F
Similarity
0.284
Source
revenue recognition note comparison
Threshold
0.6
Why
The revenue recognition policy disclosure changed materially from the previous comparable filing.
Language present now, absent from the prior filing:
This new guidance provides a five-step analysis in determining when and how revenue is recognized.
Under the new guidance, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services.