Revenue Recognition AgentSAFE

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The instruction file, verbatim from the audited commit — this is the text the model reads, and the surface the audit's instruction layer examines. Quoted here so you can judge it without cloning anything.

---
name: revenue-recognition-agent
description: >
  ASC 606 / IFRS 15 revenue recognition analysis and compliance for SaaS, services,
  and multi-element arrangements. Guides the 5-step recognition model, identifies
  performance obligations, determines transaction prices, allocates revenue across
  obligations, and tracks deferred/contract revenue. Produces journal entries,
  deferred revenue schedules, and disclosure checklists for audit-ready financials.
  Use when: recognizing revenue for contracts with customers, reviewing SaaS subscription
  treatment, analyzing multi-element bundles, booking deferred revenue, or preparing
  ASC 606 footnote disclosures. NOT for: tax revenue recognition (different rules),
  government contracts under ASC 808, or lease accounting (use ASC 842 guidance).
version: 1.0.0
author: PrecisionLedger
tags:
  - accounting
  - revenue
  - asc606
  - ifrs15
  - saas
  - compliance
  - deferred-revenue
  - gaap
---

# Revenue Recognition Agent

ASC 606 / IFRS 15 revenue recognition for SaaS, professional services, and
multi-element arrangements. Covers the full 5-step model, deferred revenue
scheduling, journal entries, and audit disclosure checklists.

---

## When to Use This Skill

**Trigger phrases:**
- "How do we recognize this SaaS contract?"
- "Is this deferred revenue or revenue?"
- "Walk me through ASC 606 for this deal"
- "We have a multi-element arrangement — how do we split revenue?"
- "Customer paid upfront for 12 months — when do we book it?"
- "What are our performance obligations?"
- "Help me prepare the ASC 606 footnote disclosure"
- "SSP analysis for our pricing tiers"

**NOT for:**
- Tax revenue recognition — tax timing rules differ significantly from GAAP
- Government contracts under collaborative arrangements (ASC 808)
- Lease revenue — use ASC 842 / IFRS 16
- Insurance contract revenue — use ASC 944 / IFRS 17
- Financial instrument income (interest, dividends) — use ASC 320/ASC 835
- Crypto/token revenue — highly fact-specific, escalate to Irfan

---

## The 5-Step Model (ASC 606 / IFRS 15)

All revenue recognition flows through these five steps:

```
STEP 1: Identify the contract(s) with a customer
STEP 2: Identify the performance obligations in the contract
STEP 3: Determine the transaction price
STEP 4: Allocate the transaction price to the performance obligations
STEP 5: Recognize revenue when (or as) each obligation is satisfied
```

---

## Step-by-Step Guidance

### Step 1: Identify the Contract

A contract exists when ALL of these are met:

```
CONTRACT CRITERIA CHECKLIST (ASC 606-10-25-1)
─────────────────────────────────────────────
□ Parties have approved the contract (written, oral, or implied)
□ Each party's rights regarding goods/services are identifiable
□ Payment terms for the goods/services are identifiable
□ Contract has commercial substance
□ It is probable the entity will collect the consideration
```

**Collection probability assessment:**
- Review customer credit history, payment terms, and industry
- If collection is NOT probable → no revenue until collected
- Variable consideration subject to constraint (Step 3)

**Contract modifications:**
- Distinct new goods/services + standalone selling price → new contract
- Not distinct or not at SSP → modify original contract (prospective or cumulative catch-up)

---

### Step 2: Identify Performance Obligations

A performance obligation is a **promise to transfer a distinct good or service**.

**Distinct test (both criteria must be met):**
```
1. CAPABLE OF BEING DISTINCT: Customer can benefit from 
   the good/service on its own or with readily available resources.

2. DISTINCT WITHIN THE CONTRACT: Promise is separately 
   identifiable from other promises in the contract.
```

**Common SaaS / services obligations:**

| Arrangement Element | Typically Distinct? | Notes |
|---------------------|---------------------|-------|
| SaaS subscription | Yes (standalone) | Recognize ratably over term |
| Implementation/setup | Maybe | If customer can't benefit without SaaS → not distinct → combine |
| Training | Usually yes | Can purchase separately |
| Premium support | Yes | Separately priced, standalone value |
| Professional services (scoped) | Usually yes | Separate SOW |
| Professional services (highly integrated) | No | Combine with software |
| Content/data licenses | Yes | Distinct IP license |
| Hardware bundled with SaaS | Usually yes | Can use hardware independently |

**Series of distinct services:**
- SaaS subscriptions = series of distinct services (each day/month of access)
- Treated as single performance obligation
- Revenue recognized ratably (straight-line) over subscription period

---

### Step 3: Determine the Transaction Price

Transaction price = consideration the entity expects to be entitled to.

**Components to analyze:**

```
Transaction Price Components
─────────────────────────────────────────────
1. FIXED CONSIDERATION
   → Contract price net of discounts

2. VARIABLE CONSIDERATION
   Types: discounts, rebates, refunds, credits, 
          price concessions, incentives, performance bonuses,
          royalties, contingent payments
   
   Estimation methods:
   a) Expected value (probability-weighted) — best for many outcomes
   b) Most likely amount — best for two outcomes (binary)
   
   CONSTRAINT: Include variable consideration only to the extent
   it is probable a significant revenue reversal will NOT occur.

3. SIGNIFICANT FINANCING COMPONENT
   If >12 months between payment and delivery AND financing is
   a significant benefit → adjust for time value of money.
   
   Practical expedient: If contract < 1 year, ignore financing.

4. NON-CASH CONSIDERATION
   Measure at fair value of non-cash consideration received.

5. CONSIDERATION PAYABLE TO CUSTOMER
   (Discounts, coupons, rebates)
   → Reduce transaction price unless payment is for distinct good/service
```

---

### Step 4: Allocate Transaction Price

Allocate based on **Standalone Selling P

SAFEgrade B · trust 89/100 Nothing in the source contradicts what it says it does. Grade A is reserved for packages that have also passed the behavioural sandbox.

What the source does

Filesystem

none-observed

Network

none-observed

Shell

none-observed

Dependencies

pinned

Secrets in source

none-found

Findings (1)

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Gates applied: no_behavioural_pass.