Final answer:
The new revenue recognition standard, ASU 2014-09 or Topic 606, had to be adopted by companies following U.S. GAAP starting after December 15, 2017, for public companies and after December 15, 2018, for non-public companies.
Step-by-step explanation:
The new revenue recognition standard referred to in the question is Accounting Standards Update (ASU) 2014-09, which was issued by the Financial Accounting Standards Board (FASB). It relates to the revenue recognition principle in U.S. GAAP (Generally Accepted Accounting Principles). ASU 2014-09 is also known as Topic 606, and it establishes a comprehensive revenue recognition model intended to improve comparability across companies and industries.
Companies using U.S. GAAP were required to adopt the new standard for reporting periods beginning after December 15, 2017, for public companies, and December 15, 2018, for non-public companies. The adoption could be done retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Transitioning to the new standard required significant effort from companies, as it may have changed the timing and amount of revenue recognized in the financial statements.