Are ASC 606 and IFRS 15 the same?

ASC 606 and IFRS 15 are closely aligned accounting standards that govern revenue recognition, focusing on the core principle of recognizing revenue as goods or services are transferred to customers. While both frameworks share a similar five-step model for revenue recognition, differences may arise in specific implementation and guidance, particularly regarding performance obligations and transitional provisions. Ultimately, companies must understand these nuances to ensure compliance and accurate financial reporting under the applicable standards.