The Financial Accounting Standards Board (FASB) recently amended the rules for revenue recognition in the Accounting Standards Codification (ASC) to add ASC 606: Revenue from Contracts with Customers. This addition will replace ASC 605: Revenue Recognition as well as most industry specific guidance. The implementation of this new standard will affect operations and financial reporting for almost all entities that enter into contracts with their customers, making it one of the most profound ASC amendments. This blog will explore the who, what, where, when, and why of ASC 606.
ASC 606 affects all entities that have adopted accounting principles generally accepted …read more
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