Countdown to revenue recognition effective date

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ASC 606 took effect for most public companies in 2018. Learn more about 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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In The Quarter Close, PwC's Michele Marino discusses the importance of identifying performance obligations under the new revenue standard.

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Partner, Deals, U.S. Accounting Advisory Services Leader, PwC US

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