There is an updated revenue recognition standard. Based on the new standard, discuss the revenue recognition principle and how the terms “critical event,” “earned,” “realized,” and “realizable” apply to revenue recognition. In your post, include the role of the conceptual framework in the development of the new standard. How does the updated standard impact the organization that you selected for the individual research project (be specific)? The organization I selected is Microsoft.

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The new revenue recognition standard ASC 606 outlines a single comprehensive model for accounting for revenue from customer contracts For private companies now tasked with ASC 606 implementation the m... View the full answer