3 years ago

The new ASC Topic 606 for revenue recognition:

Business

1 answer:

denpristay [2]3 years ago

5 0

Answer:

addresses when and how revenue should be recognized in contracts that provide both goods and service to customers.

Explanation:

ASC 606 is a new standard that provides guidance on revenue recognition to the companies that provide goods and services to its customers. This standard is for both public and private entities. Earlier there were some variations in the revenue recognition process across different companies. The new standard has now simplified standardization in financial reporting.

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