By Robert Hayward, Carol Anne Huff, Robert Goedert, Christine Strumpen-Darrie and Michael Falk (July 10, 2017, 11:14 AM EDT) -- The new revenue recognition standard ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606") from the Financial Accounting Standards Board goes into effect for fiscal years starting after Dec. 15, 2017. As a result, a public company reporting financial results under U.S. generally accepted accounting principles with a calendar year end would first be required to reflect ASC 606 in its Form 10-Q for the first quarter of 2018. Companies have the option of implementing ASC 606 with either a "full retrospective" or "modified retrospective" method. While the modified retrospective method does not require recasting prior periods, the full retrospective method requires recasting all prior periods presented in a report or registration statement that includes or incorporates by reference financial statements for any fiscal period after adoption (i.e., financial statements for any 2018 fiscal period). Companies adopting the full retrospective method should be mindful of circumstances that could cause them to accelerate the timing for recasting their prior audited financial statements or require recasting audited financial statements for fiscal year 2015 as well....