1.The timelines for the new revenue recognition standard for companies to implement was U.S. Public Companies annual reporting periods beginning after 12/15/17 and for private companies FY beginning after 12/15/18.The new rules provide guidance relevant to an entity's accounting for revenue arising from a contract with a customer to transfer goods or services as well as contracts to transfer nonfinancial assets, unless those contracts are within the scope of other guidance.What types of contracts fall outside of the scope of the new revenue recognition standard?