April 2022
Public companies were required to implement ASC 542 by the end of 2018, but the same rules did not apply to private companies. Privately held companies had additional time to comply, which was extended even further because of COVID-19. However, that deadline has now arrived for private companies—they must comply with ASC 842 for fiscal years that begin after December 15, 2021. For most private companies, compliance starts now.
