Revenue Recognition – Engagement documentation templates [excludes completed contract and percentage of completion]
The amendments to HB 3400, Revenue Recognition, bring about significant changes and added application guidance that directly address areas of revenue recognition that have previously fallen short in compliance, as identified by practice reviews. To align with these amendments, our documentation toolkit is here to ensure your firm is well-prepared and compliant for your December 31. 2022 and post year-ends.
Clearline Consulting is committed to providing the tools and resources necessary to simplify compliance and bolster the documentation of compliance in your engagement files. We understand that staying on top of these changes can be a challenge, and our goal is to provide you with resources that work for small and medium size practices.
General resources for all firms:
- Comprehensive HB 3400, Revenue Recognition checklist
- Sample memorandums for:
- Bill and hold arrangements
- Groups of contracts
- Multiple-element arrangements
- Reporting revenue gross or net
- Sale of goods
Note: If your clients apply the completed contract or percentage of completion revenue recognition method, we recommend the advanced resource, which includes all the resources mentioned above, as well as a sample memorandum for the percentage of completion and a sample worksheet with a work-in-progress (WIP) calculator.
Upon checkout, you will see six word documents for download.
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