General Overview

ASC 606 Five-Step Process

How and when a company recognizes revenue are critical indicators of a company's performance. Accounting Standards Codification (ASC) 606 provides five steps to recognize revenue from contracts with customers.

Implementing ASC 606

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Get practical answers for the most common questions on what to expect when implementing ASC 606's standards in your business.

Implementing ASC 606 in any firm requires careful consideration and planning to be successful.

Overview of ASC 606

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Collaboration between FASB and IASB resulted in ASC 606. Filers have choice between Full Retrospective and Modified Retrospective Adoption methods.

Applying the ASC 606 revenue recognition standard is an important consideration for companies of all types and sizes.

The Five-Step Method

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Summary of each of the five steps of ASC 606 and key issues entities need to consider when completing each step.

A step-by-step approach to ASC 606 implementation helps ensure success.

Transition Dates and Methods

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Stay up-to-date on an entity’s required ASC 606 transition date and its most beneficial transition method, which varies based on entity type and industry.

Transition dates and methods require special considerations under the ASC 606 revenue recgnition standard.