Under ASC Topic 606 for revenue recognition, which of the following statements is not accurate regarding...

Under ASC Topic 606 for revenue recognition, which of the following statements is not accurate regarding performance obligations?

Multiple Choice

Firms must disclose qualitative information about their performance obligations.
Firms must disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations.
Firms must disclose warranties provided.
Firms are not required to disclose any judgments used to apply the standard.

Expert Solution

The statement not true is - Firms are not required to disclose any judgments used to apply the standard.

Explanation-

After application of ASC topic 606, the disclosure requirements for the judgements being followed will increase for the organisation

ekkarill92 answered 2 years ago

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