---
title: Navigate ASC 606 in 5 Steps [Infographic]
description: Implement ASC 606 in 6 simple steps with this Leapfin infographic and step by step instructions of what you need to be mindful of.
image: https://www.leapfin.com/hubfs/preview-card-22FEB2024.png
---

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# Navigate ASC 606 in 5 Steps [Infographic]

[ Ray Lau, Co-Founder & CEO of Leapfin ](https://www.leapfin.com/blog/author/ray-lau)

 Updated on  October 24, 2023

It’s officially 2017! Which also means this is the year [companies must start switching over to the new revenue recognition standard](http://www.fasb.org/jsp/FASB/Page/BridgePage%26cid=1351027207987#section_7). 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.

 Overwhelmed by the idea of being ASC-606 compliance? [Contact us](https://leapfin.com/request-demo?ref=blog26) for a free personal assessment on your current gaps.

#### ASC 606 Resources:

- [Navigate ASC 606 in 5 Steps Infographic [PDF]](https://www.dropbox.com/s/32rx99aeih7szo7/Leapfin-Navigate-ASC-606-Infographic.pdf)
- [PwC’s 2016 global guide to accounting for revenue from contracts with customers [PDF]](http://info.leapwithus.com/pwc-revenue-from-contracts-with-customers-2016-global)
- [BDO’s Article on How ASC 606 Impact Software Industry](https://www.bdo.com/insights/industries/tech-life-sciences/bdo-knows-software)

[![](https://www.leapfin.com/hubfs/Imported_Blog_Media/Leapfin-Navigate-ASC-606-Infographic.png)](https://leapfin.com/request-demo?ref=blog26)

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