ASC 606, also known as the Revenue from Contracts with Customers standard, is a set of guidelines established by the Financial Accounting Standards Board (FASB) to standardize the way revenue is recognized in financial statements. In the context of construction, ASC 606 is especially relevant as it provides guidance on how construction companies should account for revenue from long-term contracts. The standard requires construction companies to identify performance obligations in a contract, determine the transaction price, allocate the transaction price to each performance obligation, and recognize revenue as the performance obligations are satisfied.For construction companies, ASC 606 has a significant impact on how revenue is recognized over time. Under the standard, revenue from construction contracts must be recognized based on the progress of the project rather than upon
What is ASC 606?
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