The Financial Accounting Standards Board (FASB) has issued a new accounting standard for revenue recognition, “ASC 606: Revenue from Contracts with Customers”, replacing nearly all existing revenue guidance under US Generally Accepted Accounting Principles (GAAP). The new standard uses a 5-step process to analyze revenue recognition. This memo will analyze the new standard at a high level to assess the GAAP impact on dealerships.
Jon Hansen, Partner | DHG Dealerships
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