ASC 606: Challenges in understanding and applying revenue recognition

John Hepp

Journal of Accounting Education, 2018, vol. 42, issue C, 49-51

Abstract: Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, introduces what the FASB refers to as a comprehensive, cohesive, and converged revenue standard to replace practices based on broad concepts and industry specific guidance or transaction-based guidance. Some challenges in understanding and applying a control-based revenue recognition model that new professionals are likely to encounter are discussed.

Keywords: ASC 606; Revenue recognition; ASC 842 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:joaced:v:42:y:2018:i:c:p:49-51

DOI: 10.1016/j.jaccedu.2017.12.002

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