Revenue recognition errors expose your company to audit failures and restatements. An AsC 606 checklist walks your accounting team through the five-step revenue recognition model—so you apply the standard consistently across every contract, document your judgments, and close each quarter with confidence.

This template gives you a structured framework to identify performance obligations, allocate transaction prices, and recognize revenue in compliance with AsC 606 requirements.

What is an AsC 606 Checklist?

An AsC 606 Checklist is a detailed framework that helps accounting teams apply revenue recognition standards consistently and accurately. This systematic tool guides professionals through the five-step model mandated by AsC 606: identifying contracts with customers, identifying performance obligations, determining transaction prices, allocating prices to performance obligations, and recognizing revenue when obligations are satisfied. The checklist format ensures compliance with complex accounting standards, supports proper documentation, and facilitates quarterly and year-end close processes.

Benefits of using this template

• Real-Time Data Automation – Connect your financial systems directly to Google Sheets with Coefficient. Your AsC 606 data stays current automatically, eliminating manual data entry and ensuring your team always works with accurate, up-to-date information.
• Streamlined Collaboration – Share your checklist with teammates who can update progress in real-time. Everyone sees the same information simultaneously, reducing status meeting time, preventing duplicate work, and ensuring accountability.
• Improved Efficiency – Reduce the time spent on your AsC 606 process by up to 50% through automation and standardization. The checklist ensures nothing gets missed while automation handles repetitive data tasks.
• Enhanced Compliance and Control – Maintain a complete audit trail of who completed each step and when. The structured checklist format ensures all required procedures are followed consistently, reducing compliance risks and supporting internal and external audit requirements.

Flexible and Scalable – Customize the template to match your organization’s specific requirements. Add or remove steps, modify workflows, and adjust automation as your processes evolve.