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ASC 606: Revenue Recognition for Public and Non-Public Entities

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, which created Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with
Customers. The standard supersedes previous guidance and applies to all revenue from contracts with customers, with limited exceptions. The objectives of ASC 606 are to provide a single, comprehensive revenue recognition model for all contracts with customers; improve comparability within and across different entities, industries, and markets; and provide more useful and coherent reporting of revenue to users of financial statements.

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