ASC 606 Step 5 – Recognizing Revenue: Control of the Asset

This is episode 22 of 26 of a larger series. Click link below to begin full course playlist:    • Revenue Recognition Under ASC 606: Series ...   Step 5 of the revenue recognition process is recognizing revenue when—or as—a performance obligation is satisfied by transferring control of the asset to the customer. In this episode, we focus on what "control" means before getting into over-time and point-in-time recognition. We cover: What it means to transfer control under ASC 606 Why control—not billing, cash receipt, or production—is what drives revenue recognition How control works differently for physical goods vs. services The over-time vs. point-in-time distinction and how to determine which applies By the end of this video, you'll understand: What it means to control an asset under ASC 606 How control differs for goods and services Why determining over-time vs. point-in-time matters for the rest of Step 5 📚 Learn more at intellicasts.com