In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, which introduced Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers.

When did private companies have to adopt ASC 606?

The new revenue standard is here! Calendar year-end private companies are required to adopt Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers, now for their year-ending December 31, 2020 financial statements.

When did ASC 606 go into effect for private companies?

Private companies that have not yet applied the revenue recognition standard must do so for annual reporting periods beginning after December 15, 2019, and interim reporting periods within annual reporting periods beginning after December 15, 2020 (source).

Did ASC 606 get delayed?

ASU 2020-05 delays the effective date of ASC 606 for all privately-held companies and private not-for-profit organizations that have not yet issued their financial statements or made their financial statements available to be issued to annual periods, beginning after December 15, 2019, and interim reporting periods