Part of the CPEA ASC 606: Revenue Recognition Series
We continue our revenue recognition series on implementation issues from FASB Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. The new revenue recognition guidance in ASU 2014-09 is codified in FASB Accounting Standards Codification (FASB ASC) 606. This report addresses implementation issues within the real estate sector. FASB ASC 606 significantly affects the accounting and financial reporting of entities that sell and operate real estate, including residential and commercial