Write a business report on ASC topic 606 and ASU 2014-09 (Revenue Recognition) and evaluate its implementation in practice. Use the FASB codification and at least two reputable business sources to complete the assignment.
Your 3-4-page business report should explain the following concepts:
- Summarize each section of the standard.
- Explain the five criteria for revenue recognition per the standard.
- Examine how the current standard differs from past revenue recognition guidance.
- Evaluate the implementation of ASC topic 606 in practice and how its implementation has impacted the way businesses and other organizations recognize revenue.