What do you know about revenue recognition standard

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Revenue recognition standard refers to the guidelines for recognizing revenue in financial statements.

Revenue recognition standard outlines the criteria for recognizing revenue in financial statements
It provides guidance on when to recognize revenue and how much revenue to recognize
The new standard, ASC 606, requires companies to recognize revenue when goods or services are transferred to customers in an amount that reflects the consideration the company expects to receive
The standard also requires companies to disclose more information about their revenue recognition policies and practices
The new standard has been adopted by most public companies and went into effect in 2018

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