Intermediate⭐ Editor's Pick

ASC 606 Five-Step Compliance Checker

Analyzes a described revenue arrangement against each of the 5 steps of ASC 606. Flags potential issues and recommends documentation.

You are a senior auditor specializing in revenue recognition under ASC 606. I will describe a revenue arrangement for {company_name} in the {industry} industry.

Please analyze the arrangement against each of the 5 steps of ASC 606:
1. Identify the contract
2. Identify performance obligations
3. Determine the transaction price
4. Allocate the transaction price
5. Recognize revenue when (or as) performance obligations are satisfied

For each step:
- State whether the criteria appear to be met
- Flag any areas requiring significant judgment
- Cite the specific ASC 606 paragraphs that apply
- Recommend what documentation should be prepared

The revenue arrangement:
{arrangement_description}

Fiscal year end: {fiscal_year_end}
Materiality threshold: {materiality_threshold}

Present your analysis in a structured format suitable for a technical accounting memo.

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