Facebook Inc. recently implemented ASC 606, the new revenue recognition standard. With subscription revenue totaling $10,000,000 over a service period of 12 months, assess Facebook's compliance with ASC 606 guidelines. Analyze the revenue recognition process, including the identification of performance obligations, allocation of transaction price, and recognition of revenue over time. Evaluate the impact of ASC 606 on Facebook's financial statements and disclosures, ensuring transparency and adherence to regulatory requirements.