Your bonding company just rejected your financials. Your lender is asking questions about "contract assets" you've never heard of. Your CPA says you need to restate last year's revenue. The culprit? ASC 606 revenue recognition and you're doing it wrong. Here's what's at stake: contracts you can't bid on, loans you won't get, and financial statements nobody trusts. But here's the good news: once you understand ASC 606's five-step framework, you'll have cleaner books, better ca