This is a feature article written by Lisa White for Bloomberg.
INSIGHT: ASC 606 Fundamental Tips for Private Companies
Public companies have been busy on ASC 606: Revenue from Contracts with Customers (issued jointly by FASB and IASB), since the announcement was made in 2014. Under U.S. GAAP, calendar year-end public companies were required to present financial statements reflecting the new standard for the first time in 2018. Privately held companies are required to present the financial statement effects of the new standard beginning in 2019. Early adoption was permitted in 2017 for public companies and 2018 for privately held companies.