Case Study Apple Inc. is a multinational technology company based in California, USA. It is one of the most successful startups in US history and is currently one of the largest IT companies in the world. The company is widely known for its branded products such as the iPhone, iPad, and personal computers. But aside from being a consumer electronics company, it also provides software and digital services to Apple ecosystem users. Quipper A Compilation of Accounting Case Studies Smith, Madelyn, "A Compilation of Accounting Case Studies" (2019). University of Mississippi. Honors Theses. 1081. https://egrove.olemiss.edu/hon_thesis/1081. Last Accessed on April 20, 2022 19 Revenue Recognition: Apple Inc. Case Study Since Apple sells a variety of services and goods, proper recognition of revenues is a must. This is where ASC 606 is given much importance, since it lays out how companies should recognize revenue. In addition, ASC 606 is an American standard where the IFRS 15 (Revenue Recognition) is an international counterpart widely used in other countries, such as the Philippines. However, since Apple is based in the United States, it is prompt for them to follow ASC 606. A Compilation of Accounting Case Studies Smith, Madelyn, "A Compilation of Accounting Case Studies" (2019). University of Mississippi. Honors Theses. 1081. https://egrove.olemiss.edu/hon_thesis/1081. Last Accessed on April 20, 2022 Quipper Revenue Recognition: Apple Inc. Case Study According to ASC 606, to recognize revenue a company must: identify the contract with the customer, identify the performance obligations, determine the transaction price, allocate the price to the obligations, and once the performance obligation is satisfied, the company can recognize revenue. With this, it is important for Apple to properly follow the guidelines set forth by ASC 606 to account their transactions in a sound manner. A Compilation of Accounting Case Studies Smith, Madelyn, "A Compilation of Accounting Case Studies" (2019). University of Mississippi. Honors Theses 1081 http://earnue plamies edu/hon thesis/1081 Lac Accessed on April 20