Revenue recognition is figuring out when a business has actually earned its revenue. With the keyword being “earned” because it’s all about earning the revenue you record when it comes to revenue recognition rules.
Knowing when to recognize revenue is one of the reasons why we have Generally Accepted Accounting Principles (GAAP). GAAP has detailed rules for when and how to recognize revenue, and how to report it on your income statements. The most recent of these rules is ASC 606 or Accounting Standard Codification 606.
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