FASB Statement No. 606

FASB Statement No. 606 is a standard that sets uniform guidelines for recognizing and measuring revenue from customer contracts. It aims to provide clearer, more consistent accounting by outlining how companies should identify when and how much revenue to record, based on the transfer of goods or services to customers in exchange for payment. The standard emphasizes principles like performance obligations, transaction price, and revenue recognition over time or at a point in time. Overall, it improves transparency and comparability in financial statements related to revenue generation.