ReddRadar
Agent skill
revenue-recognition-analyzer
ASC 606 five-step model implementation skill for revenue recognition analysis and documentation
Install this agent skill to your Project
npx add-skill https://github.com/a5c-ai/babysitter/tree/main/library/specializations/domains/business/finance-accounting/skills/revenue-recognition-analyzer
Metadata
Additional technical details for this skill
- domain
- business
- category
- accounting-compliance
- priority
- medium
- specialization
- finance-accounting
SKILL.md
Revenue Recognition Analyzer
Overview
The Revenue Recognition Analyzer skill implements the ASC 606 five-step revenue recognition model. It provides systematic analysis of contracts with customers to determine appropriate revenue recognition timing and amounts.
Capabilities
Contract Identification (Step 1)
- Contract existence verification
- Collectability assessment
- Commercial substance evaluation
- Contract combination analysis
- Contract modification handling
- Portfolio approach application
Performance Obligation Analysis (Step 2)
- Distinct good/service identification
- Series guidance application
- Promise evaluation
- Immaterial promise assessment
- Shipping and handling evaluation
- Warranty classification
Transaction Price Determination (Step 3)
- Fixed consideration identification
- Variable consideration estimation
- Constraint application
- Significant financing component
- Noncash consideration valuation
- Consideration payable to customer
Allocation Calculation (Step 4)
- Standalone selling price determination
- Observable price usage
- Estimation approaches (adjusted market, expected cost plus margin, residual)
- Discount allocation
- Variable consideration allocation
- Change in transaction price handling
Revenue Timing Assessment (Step 5)
- Point in time recognition criteria
- Over time recognition criteria
- Output method application
- Input method application
- Progress measurement
- Completion determination
Variable Consideration Estimation
- Expected value method
- Most likely amount method
- Constraint assessment
- Update requirements
- Reversal risk evaluation
- Historical data analysis
Usage
New Contract Analysis
Input: Contract terms, deliverables, pricing structure
Process: Apply five-step model systematically
Output: Revenue recognition conclusion, journal entries, documentation
Contract Modification
Input: Original contract, modification terms, cumulative revenue
Process: Evaluate modification accounting treatment
Output: Prospective or cumulative catch-up adjustment calculation
Integration
Used By Processes
- Revenue Recognition and ASC 606 Compliance
- Financial Statement Preparation
- External Audit Coordination
Tools and Libraries
- Contract analysis tools
- Revenue recognition templates
- ERP revenue modules
Best Practices
- Document each step of the five-step model
- Maintain contract population inventory
- Develop revenue recognition policies by transaction type
- Build standalone selling price database
- Create decision trees for common scenarios
- Establish review procedures for non-standard terms
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