Revenue Recognition – Engagement documentation templates [includes 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
This advanced resource also includes additional resources for completed contract and/or percentage of completion revenue recognition methods.
- All the above-noted resources are included with the addition of:
- Sample memorandum for the percentage of completion
- Sample worksheet with a work-in-progress (WIP) calculator
Note: If your clients do not apply the completed contract or percentage of completion revenue recognition method, we recommend the general resource, which includes all the resources mentioned above, except for the sample memorandum for the percentage of completion and the sample worksheet with a work-in-progress (WIP) calculator.
Upon checkout, you will see seven word documents and one excel document for download.
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