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What is Financial Accounting Standards Board (FASB) Topic 606?
FASB Topic 606 establishes the principles of when and/or how a business that reports under generally accepted accounting principles (GAAP), recognizes its revenue for financial reporting purposes.
Do the revenue recognition standards in FASB Topic 606 affect how the department determines whether an agency relationship exists?
No. FASB Topic 606 does not affect the requirements the department uses to treat a taxpayer as an agent for Washington business and occupation (B&O) tax and retail sales tax.
References
WAC 458-20-159 – Consignees, bailees, factors, agents and auctioneers.
WAC 458-20-111 – Advances and reimbursements.
