The January webcast also included a deep dive into step 3 of the five-step revenue recognition process outlined in FASB ASC 606.

Under an accrual accounting system, the recognition of revenue is independent from when the cash is received. If cash or check is received at the time of providing the goods/services, then the revenue ...

Reviewed by Margaret James Barter exchange takes place when an individual or a business entity provides a good or service and receives a good or service in return rather than receiving cash or another ...