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Revenue Recognition

Contract Review

Review the software development contract to ensure it meets the criteria for revenue recognition.

Determine the contract's enforceability and identify any significant risks or uncertainties associated with the contract.

Assess whether the contract contains any variable consideration elements.

Identify any customer acceptance criteria and conditions for revenue recognition.

Evaluate any contract modifications or amendments and their impact on revenue recognition.

Performance Obligations

Identify the distinct performance obligations within the software development contract.

Determine whether the performance obligations are satisfied over time or at a point in time.

Assess whether the performance obligations can be combined or need to be accounted for separately.

Allocate the transaction price to each performance obligation based on its standalone selling price.

Transaction Price Determination

Ascertain the transaction price agreed upon in the software development contract.

Consider any variable consideration elements and estimate their probability and amount.

Evaluate any significant financing components and adjust the transaction price accordingly.

Determine whether any consideration needs to be allocated to a separate performance obligation, such as post-contract customer support.

Revenue Recognition Timing

Determine when the performance obligations are satisfied and revenue can be recognized.

Assess whether revenue recognition should be recognized over time using an appropriate method, such as the percentage of completion.

Evaluate any milestone events or project completion criteria for revenue recognition.

Consider any specific guidance related to revenue recognition timing provided by accounting standards.

Contract Costs

Assess whether any costs incurred in fulfilling the software development contract qualify for capitalization.

Determine the appropriate accounting treatment for any contract costs incurred.

Allocate any capitalized costs to the performance obligations based on their significance and benefit.

Monitor and review any potential impairment of capitalized contract costs.

Disclosures and Documentation

Ensure proper documentation of key judgments, estimates, and assumptions made in revenue recognition.

Adequately disclose revenue recognition policies and significant accounting policies related to software development contracts.

Provide transparent and comprehensive disclosures about revenue recognized, contract balances, and any significant changes in revenue recognition policies.

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