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hello and welcome back to our series on accounting journal entries in this episode well talk about ASC 606 the new Revenue recognition standard ASC 606 is a big change from the old standard so we are going to try to simplify it as much as possible ASC 606 is a set of accounting standards that govern how companies recognize revenue from contracts with customers Revenue recognition is the process of recording Revenue in the financial statements the old Revenue recognition standard was very complex and difficult to understand ASC 606 was created to simplify the revenue recognition process and make it more consistent across different Industries ASC 606 has five steps identify the contract with a customer identify the performance obligations in the contract determine the transaction price allocate the transaction price to the performance obligations recognize Revenue when or as the performance obligations are satisfied the benefit of ASC 606 include increased consistency in Revenue recogni