Accounting Standards Codification $($ASC$)606$ is a revenue recognition standard that helps businesses determine when and how much revenue to recognize. The standard's core principle is that revenue is recognized when the customer receives the promised goods or services. It introduces the concept of recognizing revenue based on the transfer of control, rather than the traditional 'earned and realized' model.

In industries where long$-$term contracts and variable consideration are common, how has the shift to a control$-$based model impacted financial reporting practices?

What challenges does this pose for companies in terms of both estimating and disclosing performance obligations?