It’s been a few years since the new Accounting Standards Codification Topic 606: Revenue from Contracts with Customers (perhaps better known as simply ASC 606) revenue recognition standard took full effect for both public and nonpublic entities.
To recap, public entities had to comply with ASC 606 for annual reporting periods—including interim reporting periods in between—beginning December 15, 2017. Meanwhile, the effective date for private entities was December 15, 2018.
source https://blog.fusebill.com/asc-606-and-revenue-recognition-in-b2b-saas
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