Countdown to revenue recognition effective date

ASC 606 takes effect for most public companies January 2018. Here are details on who is affected and when.

Effective date details

  • US GAAP requires public entities to apply the revenue standard for annual reporting periods (including interim periods therein) beginning after December 15, 2017, and permits early adoption a year earlier (that is, for annual periods beginning after December 15, 2016).
  • Nonpublic entities reporting under US GAAP are required to apply the revenue standard for annual periods beginning after December 15, 2018. Nonpublic entities reporting under US GAAP are permitted to apply the standard early; however, adoption can be no earlier than annual reporting periods beginning after December 15, 2016.
  • Entities that report under IFRS are required to apply the revenue standard for annual reporting periods beginning on or after January 1, 2018, and early adoption is permitted.
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