Marisa Garcia, managing director of CohnReznick Advisory, discusses what companies need to know about FASB's new revenue recognition standard and what they should do about it.

GARCIA: So by the beginning of 2018 public companies should have already evaluated the financial statement effects of the adoption of the new standard. They’re going to have to disclose it in their form 10k for 2017 and the first quarter filing for 2018 will have reflected the effects of the adoption of the new standard, with all of the required disfinancial statement disclosers.

Private companies by the beginning of 2018 should already begin, or have begun, the assessment phase to evaluate what financial stamen impact the financial accounting standard ASAC 606 will have on their financial statements as they’ll be required to adopt it January 1, 2019.