Revenue Recognition

Apply the IFRS 15 and ASC 606 five-step model: performance obligations, transaction price, standalone selling price allocation, and the journal entries for deferral and recognition.

⚠️ **Finance warning / Avertissement finance** : informational only, not investment advice. Revenue timing moves reported earnings, valuations and tax: a wrong recognition call can restate real financial statements, losses and penalties are possible when filings are wrong, and no memo here is a promise of return or of an audit outcome. Accounting documents and conclusions produced with this skill must be verified by a qualified professional before any official use. Curated by Skill Harbor: the revenue recognition skill of GAJETOso/financeskills, written from the seat of a technical accounting manager for IFRS 15 and ASC 606 work. Use it on deferred revenue, performance obligations, contract assets, multi-element arrangements, SaaS revenue rules or unearned revenue questions. The assessment works the contract first (does an enforceable contract exist, and what are the distinct performance obligations, for example a software license versus implementation versus support), then the transaction price (variable consideration such as discounts, rebates and bonuses, and any significant financing component), then the transfer of control, point in time or over time. The five-step model is the framework, in order: identify the contract, identify the performance obligations, determine the transaction price on an expected value or most likely amount basis, allocate it by standalone selling price, and recognize revenue as control transfers. The technical steps work the allocation with a concrete bundle example (a package sold for 1,000 whose components are worth 800 and 400 on their own is allocated proportionally), separate contract assets from receivables (a contract asset arises when the right to payment is conditional on something other than the passage of time), and map the deferred revenue schedule over a subscription or service period. The output is a revenue recognition memo with the contract summary, the allocation table, and the specific journal entries for initial recognition, deferral and monthly amortization; the bundle also ships a five-step workpaper template, an IFRS 15 summary and SaaS-specific references. From the GAJETOso/financeskills repository (MIT). Skill Harbor never reviews the code, review it yourself before use.

At a glance

What: Apply the IFRS 15 and ASC 606 five-step model: performance obligations, transaction price, standalone selling price allocation, and the journal entries for deferral and recognition.
Cost: Free
Needs: Use "Revenue Recognition" with your Muse.
Install: Copy the installer prompt below into your Muse — your agent does the rest.

⚠️ **Finance warning / Avertissement finance** : informational only, not investment advice. Revenue timing moves reported earnings, valuations and tax: a wrong recognition call can restate real financial statements, losses and penalties are possible when filings are wrong, and no memo here is a promise of return or of an audit outcome. Accounting documents and conclusions produced with this skill must be verified by a qualified professional before any official use. Curated by Skill Harbor: the revenue recognition skill of GAJETOso/financeskills, written from the seat of a technical accounting manager for IFRS 15 and ASC 606 work. Use it on deferred revenue, performance obligations, contract assets, multi-element arrangements, SaaS revenue rules or unearned revenue questions. The assessment works the contract first (does an enforceable contract exist, and what are the distinct performance obligations, for example a software license versus implementation versus support), then the transaction price (variable consideration such as discounts, rebates and bonuses, and any significant financing component), then the transfer of control, point in time or over time. The five-step model is the framework, in order: identify the contract, identify the performance obligations, determine the transaction price on an expected value or most likely amount basis, allocate it by standalone selling price, and recognize revenue as control transfers. The technical steps work the allocation with a concrete bundle example (a package sold for 1,000 whose components are worth 800 and 400 on their own is allocated proportionally), separate contract assets from receivables (a contract asset arises when the right to payment is conditional on something other than the passage of time), and map the deferred revenue schedule over a subscription or service period. The output is a revenue recognition memo with the contract summary, the allocation table, and the specific journal entries for initial recognition, deferral and monthly amortization; the bundle also ships a five-step workpaper template, an IFRS 15 summary and SaaS-specific references. From the GAJETOso/financeskills repository (MIT). Skill Harbor never reviews the code, review it yourself before use.

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Created by: @gajetoso

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Install — Free · open source (MIT) View source code

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Install

Copy the install package below, then paste it into Muse

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Use "Revenue Recognition" with your Muse. Prerequisites: the contract itself, its promised goods and services listed separately, the total price with any variable consideration (discounts, rebates, bonuses) and financing terms, and the delivery pattern for each element (point in time or over time). A spreadsheet helps you keep the allocation and the deferral schedule: the bundled workpaper template structures the five steps, and its documents and conclusions must be verified by a qualified professional before any official use. Informational only, not investment advice. 1. Open the skill: https://github.com/GAJETOso/financeskills/blob/main/skills/revenue-recognition/SKILL.md and copy the full SKILL.md text. 2. Paste it into a chat with Muse and add: "Write the revenue recognition memo: the five steps in order, the performance obligations identified, the transaction price, the standalone selling price allocation table, and the journal entries for initial recognition, deferral and monthly amortization." 3. State explicitly for each obligation whether revenue lands at a point in time or over time, and why. Tip: separate contract assets from receivables in the memo; the right to payment being conditional is exactly what makes it a contract asset. Safety: a skill is plain-text instructions; it runs nothing by itself. Accounting analysis only, no orders and no account access. Informational only, not investment advice.

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Questions

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