What are some examples of GAAP revenue recognition?
An example of an AI chatbot conversation about GAAP revenue recognition examples.
What are some examples of GAAP revenue recognition?
GAAP revenue recognition involves recognizing revenue when it is earned. For example, a software company recognizes revenue when the software is delivered and the customer has access.
Can you give me another example?
Sure! A construction company recognizes revenue based on the percentage of completion method, meaning they record revenue as they complete portions of a project.
What about subscription services?
For subscription services, revenue is recognized over the subscription period. For instance, if a customer pays for a year upfront, the company recognizes revenue monthly.
Are there any exceptions to these rules?
Yes, there are exceptions. For example, long-term contracts may have specific guidelines under ASC 606 that differ from standard practices.
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