ASC 606: Challenges in understanding and applying revenue recognition

John Hepp

doi:10.1016/j.jaccedu.2017.12.002

ASC 606: Challenges in understanding and applying revenue recognition

John Hepp

Accountancy

Research output: Contribution to journal › Article › peer-review

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.

Original language	English (US)
Pages (from-to)	49-51
Number of pages	3
Journal	Journal of Accounting Education
Volume	42
DOIs	https://doi.org/10.1016/j.jaccedu.2017.12.002
State	Published - Mar 2018

Keywords

ASC 606
ASC 842
Revenue recognition

ASJC Scopus subject areas

Accounting
Education

Online availability

10.1016/j.jaccedu.2017.12.002

Library availability

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title = "ASC 606: Challenges in understanding and applying revenue recognition",

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.",

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ASC 606: Challenges in understanding and applying revenue recognition

Abstract

Keywords

ASJC Scopus subject areas

Online availability

Library availability

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