Principles of Accounting Volume 1
19th Edition
ISBN: 9781947172685
Author: OpenStax
Publisher: OpenStax College
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Chapter 9, Problem 1TP
Review the new revenue recognition guidance issued by the Financial Accounting Standards Board http://www.fasb.org/jsp/FASB/Page/ImageBridgePage&cid=1176169257359 and answer the following questions.
• What is the new standard as of ASC 606? What does that mean to you?
• What are the recommended steps companies should follow to achieve the core principle?
• How does this change current GAAP standards?
• Who is required to adhere to this new standard?
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Chapter 9 Solutions
Principles of Accounting Volume 1
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