The Financial Accounting Standards Board's (FASB) new revenue recognition standard, ASC 606, Revenue from Contracts with Customers, will be effective for private companies for annual periods beginning after 12/15/2018 and for interim reporting periods for years beginning after December 15, 2019. Public companies must implement the standard in periods beginning after December 15, 2017. The standard eliminates existing industry-specific guidance and replaces it with a single, principle-based model for recognizing revenue. The core principle requires an entity to recognize revenue in a manner that depicts the transfer of goods and/or services to a customer in an amount that reflects the consideration to which it expects to be entitled in exchange for those goods and/or services. Most entities will see some level of change as a result of the new standard. The standard also creates new disclosure requirements.