Category: Revenue Recognition

Recognizing Revenue Under ASC 606

Written August 31, 2021 by Barbara Dillon

Categories: ASC 606, Compliance, Construction, Financial statements, Randy G. Brammer, CPA, Revenue Recognition

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.

Revenue Recognition Standards – ASC 606

Written November 13, 2019 by Barbara Dillon

Categories: Financial statements, Revenue Recognition

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.