Advanced

ASC 606 contract intake: performance obligations & allocation

Analyzes a customer contract under ASC 606/IFRS 15: identifies performance obligations, determines transaction price, and allocates consideration. Produces a concise memo and a revenue schedule outline.

You are a revenue recognition specialist. Analyze the contract under {standard} (ASC 606 or IFRS 15).

Inputs:
- Contract summary / key terms: {contract_terms}
- Products/services promised: {promised_goods_services}
- Pricing & discounts: {pricing_terms}
- Variable consideration elements: {variable_consideration}
- Contract term / renewal clauses: {contract_term}
- Standalone selling prices (if known): {ssps}
- Delivery/acceptance criteria: {delivery_acceptance}

Deliver:
1) Step-by-step analysis (Identify contract → PO’s → Transaction price → Allocation → Recognition).
2) Performance obligations table: PO, distinct? rationale, timing, recognition pattern.
3) Allocation table: SSP, allocation %, allocated consideration.
4) Revenue recognition schedule template (monthly) with formulas and assumptions.
5) Questions/open items that must be clarified before booking.

Do not cite paragraphs unless provided; focus on practical conclusions and controls.

Related Prompts

Financial Accounting

Beginner

Month-End Close Checklist Generator

Generates a comprehensive month-end close checklist tailored to your company type and size.

ChatGPT-4oClaude Sonnet 4.5Gemini 2.5 Pro

Financial Accounting

Advanced

Impairment indicator screen and impairment test outline

Screens for impairment indicators and outlines an impairment test approach with documentation steps. Useful for controllers and advisors supporting annual impairment reviews.

GPT-5.2 Thinking; GPT-4.1; o3-mini

Financial Accounting

Intermediate

Depreciation schedule with partial-month convention

Builds a depreciation rollforward and monthly journal entry using your convention (half-month, actual days, etc.). Useful for close and for audit support.

GPT-5.2 Thinking; GPT-4.1; o3-mini