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When does a construction company recognize revenue for financial statement purposes?

With a background in revenue recognition, Peter Harris explains the recently passed standard ASC 606: Revenue from Contracts from Customers. He details the core principle of ASC 606 and the specific five-step model that must be followed in accounting for revenue recognition. 

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Disclaimer: The information contained herein should NOT be used as a substitute for the advice of a qualified professional. The information provided here is for informational purposes only. This content may not cover all possible scenarios or outcomes, so we encourage you to check with a professional if you have specific questions or concerns regarding your company. CFMA strives to provide accurate and up-to-date information, no guarantee is made to that effect.