Write a business report on ASC topic 606 and ASU 2014-09 (Revenue Recognition) and evaluate its implementation in practice. Use the FASB codification and at least two reputable business sources to complete the assignment.
Your 3-4-page business report should explain the following concepts:
Summarize each section of the standard.
Explain the five criteria for revenue recognition per the standard.
Examine how the current standard differs from past revenue recognition guidance.
Evaluate the implementation of ASC topic 606 in practice and how its implementation has impacted the way businesses and other organizations recognize revenue.