PART B$-$Impact of ASC $606($Revenue from Contracts with Customers$)$ on Revenue and Retained

Earnings $[15$ points$]$

Revenue from Contracts with Customers $($ASC $606)$ is a new revenue recognition standard that

affects all businesses that enter into contracts with customers to transfer goods or services. Both

private and publicly held companies should have started to comply with the new ASC $606$ from

$2017$ and $2018.$ The main purpose of the standard is to eliminate variations in the way businesses

across industries handle accounting for similar transactions. In this report you are required to

show impact of ASC$606$ on companies$$ revenue and retained earnings. You have to follow the

steps below:

$1)$ Collect data on the adoption of ASC$606$ of $40$ companies. Collect their revenue and

retained earnings data before and after adoption of ASC $606.$ You should find all the

data on SEC Edgar.

$2)$ Report your findings both in tabular and visual format. You should use Excel Pivot

Table$/$Excel Power BI$/$Tableau Desktop.

$3)$ Write a report.