1Contract Completeness
0/6- All active contracts are included in the revenue schedule — none missing
- Contract start and end dates match the signed agreement
- Total contract value matches the agreed price (including amendments)
- Renewed or extended contracts have updated terms reflected
- Terminated contracts show recognition ceasing at the termination date
- New contracts added since last period are identified and tagged
2Recognition Accuracy
0/6- Monthly recognised amounts follow the stated method (straight-line, usage, milestone)
- Daily rate calculations are correct: total value / total days in term
- Pro-rata amounts for partial months at start and end of contracts are accurate
- One-time fees are allocated correctly (spread if not distinct, point-in-time if distinct)
- Variable consideration estimates are documented and reasonable
- Rounding is applied consistently (typically to 2 decimal places)
3Deferred Revenue Reconciliation
0/6- Opening deferred revenue balance ties to prior period closing balance
- Additions equal total billings for the period
- Revenue recognised per the schedule equals revenue per the P&L
- Closing deferred revenue balance = Opening + Additions - Recognised
- Deferred revenue sub-ledger reconciles to the general ledger control account
- No negative deferred revenue balances exist (unless justified and documented)
4Supporting Documentation
0/6- Each contract has a signed agreement on file (or equivalent electronic record)
- Revenue recognition policy is documented and consistently applied
- Material judgements are recorded: standalone selling prices, allocation methods, estimates
- Journal entry descriptions reference contract IDs and period covered
- Preparer and reviewer sign-off is recorded with dates
- Any manual adjustments or overrides are documented with rationale
5Consistency & Comparability
0/5- Recognition method is consistent with prior periods (or changes are disclosed)
- Chart of accounts mapping is unchanged (or changes are documented)
- Currency treatment is consistent for multi-currency contracts
- Segment or product line allocations follow a documented methodology
- Period-over-period variances are explained and reasonable
6ASC 606 / IFRS 15 Specific
0/7- Performance obligations are identified for each contract type
- Transaction price is determined (including variable consideration constraints)
- Standalone selling prices are established for multi-element arrangements
- Allocation of transaction price to obligations follows the relative SSP method
- Revenue is recognised as (or when) each obligation is satisfied
- Contract modifications are accounted for correctly (prospective or cumulative catch-up)
- Required disclosures are prepared: disaggregated revenue, contract balances, remaining performance obligations