Instructions: Please provide a written discussion covering the following items:

Research and discuss the new revenue recognition literature as you previously studied in your Intermediate Accounting I class. This part of the assignment requires you to reference the Accounting Standards Codification (ASC) as it relates to ASU 2014-09, found in ASC section 606, Revenue from Contracts with Customers. In your discussion, be sure to include the following topics, at a minimum: the core revenue recognition principle, the five steps of revenue recognition, revenue recognition at a single point in time, revenue recognition over a period of time, and revenue recognition for long-term constructions contracts.