[Verse 1] When customers and vendors shake hands on a deal IFRS fifteen and ASC six-oh-six reveal The moment cash becomes legitimate gain Five stepping stones through accounting's domain A contract births obligation's thread Performance duties dancing in your head [Chorus] Identify, identify the contract first Stand alone prices, what's each promise worth Allocate the transaction, don't disperse Satisfy performance, timing's not reversed Recognize revenue when control transfers Five steps climbing, memory never errs [Verse 2] Distinct goods weaving through the customer's need Each promise carved from commercial deed Transaction price adjustments floating free Variable payments, financing degree Time value money when payment's delayed More than twelve months, discount's displayed [Chorus] Identify, identify the contract first Stand alone prices, what's each promise worth Allocate the transaction, don't disperse Satisfy performance, timing's not reversed Recognize revenue when control transfers Five steps climbing, memory never errs [Bridge] Over time or at a point, satisfaction flows Asset building for the customer shows Incremental costs of contracts capitalize Amortize benefits as revenue flies Both standards married in convergence bright Same five pillars, same accounting sight [Verse 3] Modifications ripple through existing terms Prospective treatment when the contract squirms Disclosure paints the revenue landscape wide Remaining obligations cannot hide Principal versus agent, gross or net Control determines what the books beget [Chorus] Identify, identify the contract first Stand alone prices, what's each promise worth Allocate the transaction, don't disperse Satisfy performance, timing's not reversed Recognize revenue when control transfers Five steps climbing, memory never errs [Outro] IFRS and GAAP converged as one Revenue recognition's transformation done Five sacred steps, the golden thread Through every transaction, clearly led
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