Homework
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 homework.
Your 3 to 4 pages business report should explain the following concepts:
I. Summarize each section of the standard.
II. Explain the five criteria for revenue recognition per the standard.
III. Examine how the current standard differs from past revenue recognition guidance.
IV. Evaluate the implementation of ASC topic 606 in practice and how its implementation has impacted the way businesses and other organizations recognize revenue.
Format your homework according to the give formatting requirements:
• The answer must be using Times New Roman font (size 12), double spaced, typed, with one-inch margins on all sides.
• The response also includes a cover page containing the student's name, the title of the homework, the course title, and the date. The cover page is not included in the required page length.
• Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.