Unique Skill ID: ES3B21EEEDAE30A6D435

ASC 606 (Revenue Recognition)

ASC 606 (Revenue Recognition) is a set of accounting rules set forth by the Financial Accounting Standards Board (FASB) that outlines how companies should report revenues in their financial statements. It requires companies to recognize revenue when goods or services are transferred to customers in an amount that reflects the consideration the company expects to receive in exchange. This standard applies to all entities that enter into contracts with customers for the transfer of goods or services. It requires specialized knowledge and skills to properly apply and comply with the standard.

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