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Your company, Wealth Management Ltd, provides asset management services to wealthy clients. Under the terms of the agreement with clients, your company receives a 0.5% quarterly management fee, based on client's assets under management at the end of each quarter. For example, at the end of the last quarter, client's assets under management totaled $157 million, so quarterly management fee revenue of $157,000,0000.005=$785,000 was recorded. Client's assets under management vary each day with contributions, withdrawals and changes in the market value of investments. Your boss has asked for your help in determining when your company is permitted to record this management fee as revenue. Your boss believes that other wealth management companies are recording their management fee revenue at the end of each month during the year. With reference to ASC606, explain to your boss if this would be allowed for your company. Your company, Wealth Management Ltd, provides asset management services to wealthy clients. Under the terms of the agreement with clients, your company receives a 0.5% quarterly management fee, based on client's assets under management at the end of each quarter. For example, at the end of the last quarter, client's assets under management totaled $157 million, so quarterly management fee revenue of $157,000,0000.005=$785,000 was recorded. Client's assets under management vary each day with contributions, withdrawals and changes in the market value of investments. Your boss has asked for your help in determining when your company is permitted to record this management fee as revenue. Your boss believes that other wealth management companies are recording their management fee revenue at the end of each month during the year. With reference to ASC606, explain to your boss if this would be allowed for your company

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