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ASC 606: Challenges in understanding and applying revenue recognition

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  • Hepp, John

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.

Suggested Citation

  • Hepp, John, 2018. "ASC 606: Challenges in understanding and applying revenue recognition," Journal of Accounting Education, Elsevier, vol. 42(C), pages 49-51.
    • Handle: RePEc:eee:joaced:v:42:y:2018:i:c:p:49-51
    DOI: 10.1016/j.jaccedu.2017.12.002
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    Cited by:

    1. Jie Hao & Viet Tuan Pham, 2023. "The ASC 606 standard, revenue informativeness, and analysts forecast quality," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2621-2652, June.
    2. Md. Rezaul Karim & Atia Ibnat Riya, 2022. "Compliance of disclosure requirements of IFRS 15: an empirical evidence from developing economy," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 19(3), pages 301-312, September.

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