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What period must shumers first apply asc

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Reference no: EM132581582

Assume that Shumers, Inc. is a private company with a calendar year-end. Shumers must determine when and how it will adopt the revised revenue standard.

Question a. In what period must Shumers first apply ASC 606-10?

Question b. How must the standard be initially applied (prospectively, retrospectively)? Explain.

Question c. Could Shumers early adopt, if it chose to do so?

Reference no: EM132581582

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