# ASC 606

> ASC 606 — Topic 606, Revenue from Contracts with Customers — five steps: identify the contract, identify the performance obligations, determine the transaction price, allocate it, recognize revenue as each obligation is satisfied.

Source: https://lopifi.com/glossary/asc-606
Part of: Lopifi — US GAAP books on autopilot, checked by a CPA (https://lopifi.com)

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**What is asc 606?** In accounting, ASC 606 means topic 606, Revenue from Contracts with Customers — five steps: identify the contract, identify the performance obligations, determine the transaction price, allocate it, recognize revenue as each obligation is satisfied.

## Words this system refuses for it

- ASC 605 (superseded)
- the revenue rule

- **Category:** Revenue recognition
- **Specified in:** [Lexicon](https://lopifi.com/md/docs/domain/11-lexicon)
- **Related:** transaction-price, transaction, revenue