Timelines for adopting the new Revenue Recognition Standard ASC 606

ASC 606 is the new revenue recognition standard that takes effect for most public listed companies in the United States effective January 2018. 

Below list has some important information relating to when both public and non-public listed companies will need to adopt the new Revenue Recognition standards :

1) Non-Publicly listed companies : Non-publicly listed companies reporting under US GAAP are required to apply the new standard for annual period starting after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019

2) Publicly listed companies : US GAAP requires publicly listed companies to apply new the new revenue recognition standard beginning after December 15, 2017. Early adoption is permitted  i.e for annual periods after December 15,2016 including interim reporting periods within that reporting period.






Posted In: Financial statement audits, reviews and compilations

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