Recognizing Revenue Under ASC 606
Before the adoption of ASC 606, there was no formal standard for the recognition of revenue across industries. Learn how this important standard has affected the construction industry.
Category: Revenue Recognition
Revenue Recognition Standards – ASC 606
ASC 606 became effective for public companies in 2018 and privately-held companies in 2019. Previously, the reporting standard varied according to industry. Now, under ASC 606, the standard is industry neutral, making it more transparent.