[Verse 1] Picture a company with contracts in hand When do they count the money they've planned? IFRS fifteen and ASC six-oh-six Both standards use the same accounting tricks From promise made to payment received Revenue timing must be believed [Chorus] Five steps to revenue recognition Identify, specify with precision Stand alone, allocate the price Satisfy performance, count it twice Control transfers, revenue's mine Following the five-step design [Verse 2] Step one finds the contract with your customer Written terms or handshake, both can register Step two pulls apart each promised good Services and products understood Bundle deals get separated clean Each performance obligation seen [Chorus] Five steps to revenue recognition Identify, specify with precision Stand alone, allocate the price Satisfy performance, count it twice Control transfers, revenue's mine Following the five-step design [Verse 3] Step three sets the transaction's total worth Variable pricing needs careful rebirth Discounts, bonuses, refunds possible Make the estimate most plausible Step four spreads that price around Based on standalone values found [Bridge] Over time or at a point That's the critical joint Control shifts from you to them Revenue flows like a gem Construction builds day by day Software downloads right away [Verse 4] Step five watches satisfaction grow Performance obligations let revenue flow Customer controls the promised asset Revenue recognition's in the basket Criteria met, the income's real Complete the five-step revenue deal [Chorus] Five steps to revenue recognition Identify, specify with precision Stand alone, allocate the price Satisfy performance, count it twice Control transfers, revenue's mine Following the five-step design [Outro] From contract signing to completion's bell Revenue recognition tells the story well Five steps guide you through the maze Accurate income all your days
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