[Verse 1] When a customer comes knocking with a deal to make First you identify the contract that's at stake Written or oral, enforceable and clear Rights and payment terms must all appear Commercial substance with collection probable Step one complete, now we're getting notable [Chorus] I-D-A-L-R, five steps to get it right Identify, Determine, Allocate with sight Locate the price and Recognize with care IFRS fifteen keeps revenue fair I-D-A-L-R, remember every night Revenue recognition done just right [Verse 2] Step two demands we dig a little deeper now Performance obligations, let me show you how Distinct goods or services the customer can use Separately identifiable, they get to choose Bundle or separate, make the call today Each obligation lights the revenue way [Chorus] I-D-A-L-R, five steps to get it right Identify, Determine, Allocate with sight Locate the price and Recognize with care IFRS fifteen keeps revenue fair I-D-A-L-R, remember every night Revenue recognition done just right [Verse 3] Transaction price in step three takes the center stage Variable consideration on the payment page Constraints and estimates, significant reversal test Time value adjustments put your skills to the test Non-cash considerations at their fair value Step three's foundation keeps us sailing true [Bridge] Relative standalone selling price Allocate to each obligation nice Residual approach when prices aren't clear Observable evidence keeps us sincere [Verse 4] Step four allocation spreads the wealth around Standalone selling prices must be clearly found Relative proportions make the math precise Each obligation gets its proper slice Variable consideration follows the same rule Allocation methods are the accountant's tool [Chorus] I-D-A-L-R, five steps to get it right Identify, Determine, Allocate with sight Locate the price and Recognize with care IFRS fifteen keeps revenue fair I-D-A-L-R, remember every night Revenue recognition done just right [Verse 5] Step five's the moment when we recognize at last Over time or point in time, control must pass Customer controls the asset or the benefit received Three criteria help determine what we've achieved Progress measurement keeps the timing true Revenue recognition, we made it through [Outro] From contract to completion, five steps guide our way IFRS fifteen principles will never lead astray I-D-A-L-R, the model tried and true Revenue recognition, now we're through
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