Which of the following statements is not true regarding ASC Topic $606?$

Multiple Choice

Adoption for calendar reporting public entities is first required for calendar $2018.$

Long$-$term construction contracts is an area where the new standard clearly differs from existing guidance.

The new standard precludes the use of percentage$-$of$-$completion method for long$-$term construction contracts.

Current guidance on long$-$term contracts gives more flexibility to firms for determining when revenue is recognized.