It’s officially 2017! Which also means this is the year companies must start switching over to the new revenue recognition standard. To be more specific, public entities must apply the new revenue standard to interim reporting periods within annual reporting periods beginning after December 15, 2017. Private entities must apply the new revenue standard to interim reporting periods within annual reporting periods beginning after December 15, 2019.
We understand trying to understand the new standards while doing your day jobs could be very overwhelming. Below, we compiled a list of resources which we have found to be the most useful, including an infographic that summarizes ASC 606 in 5 steps.
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ASC 606 Resources:
- Navigate ASC 606 in 5 Steps Infographic [PDF]
- PwC’s 2016 global guide to accounting for revenue from contracts with customers [PDF]
- BDO’s Article on How ASC 606 Impact Software Industry
