Browse 2 Gruv blog articles tagged Gaap. Payout rails, FX, reconciliation, and platform money-movement playbooks.
Under ASC 606, revenue follows the transfer of promised goods or services rather than the date money arrives. A customer prepayment for future service creates a contract liability, commonly called deferred revenue. Cash, billings, receivables and recognized revenue therefore need separate records.
Usually not, at least for private solo businesses outside SEC filing contexts. The legal mandate is tied to SEC filings. [Regulation S-X](https://www.sec.gov/about/divisions-offices/division-corporation-finance/rules-regulations-schedules) (17 CFR Part 210) governs financial statements filed with the SEC, and public companies file a 10-K each year. For most private owner-operators, the practical question is whether outside parties still expect formal financial statements.
