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Administrative Staff Council (ASC)Meeting Minutes Thursday, December 7, 2017207 Bowen Thompson Student Union In Attendance: Jessica Belcher (Secretary), Gregory Boo, Java Brooks, Sheila Brown, William Burns, KaleeCarlton, Dawn Chong, Jordan Cravens, Beth Detailer (Chair), Judy Donald (BGS

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How to fill out under asc 606

01

To fill out under ASC 606, follow these steps:

02

Understand the basic principles of ASC 606 and the specific requirements for your organization.

03

Identify all sources of revenue for the reporting period.

04

Determine the performance obligations for each source of revenue.

05

Allocate the transaction price to each performance obligation based on their relative standalone selling prices.

06

Recognize revenue when the performance obligations are satisfied.

07

Disclose relevant information in the financial statements regarding the application of ASC 606.

08

Regularly review and update your revenue recognition policies to ensure continued compliance with ASC 606.

Who needs under asc 606?

01

ASC 606 is needed by organizations or entities that are required to follow Generally Accepted Accounting Principles (GAAP) in the United States.

02

This includes public companies, privately held companies, and not-for-profit organizations that have significant revenue streams.

03

ASC 606 provides clear guidelines on revenue recognition, which is critical for financial reporting and ensuring accurate representation of an organization's financial performance.

04

It helps stakeholders, investors, and regulators understand how revenue is recognized and reported in a consistent and transparent manner.

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What is under asc 606?

ASC 606 is the revenue recognition standard issued by the Financial Accounting Standards Board (FASB).

Who is required to file under asc 606?

Any entity that applies U.S. Generally Accepted Accounting Principles (GAAP) is required to file under ASC 606.

How to fill out under asc 606?

To fill out under ASC 606, entities need to follow the guidelines provided in the standard and make necessary adjustments to their financial statements.

What is the purpose of under asc 606?

The purpose of ASC 606 is to provide a single, comprehensive revenue recognition model for all industries that follows consistent principles.

What information must be reported on under asc 606?

Under ASC 606, entities must report revenue from contracts with customers, including the nature, timing, and uncertainty of revenue and cash flows.

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