ASC 606 – Definition of contract legal enforceability

In January of 2018 in collaboration with the CPEA, the AICPA Technical Issues Committee issued an unsolicited comment letter to the FASB to bring to their attention several matters related to FASB Accounting Standards Codification (FASB ASC) 606, Revenue from Contracts with Customers, which they believe will result in an undue burden for many private companies. The letter sent to the FASB included five specific areas of concern along with recommendations for exceptions or practical expedients which would provide