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ITF Issue No. 089 FAST Emerging Issues Task Reissue No. 089 Title:Milestone Method of Revenue RecogntionDocument: Issue Summary No. 1 Date prepared: October 20, 2008, FAST Staff: Maples (ext. 462)/Ensure

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How to fill out milestone method of revenue

01

Understand the concept of milestone method of revenue: The milestone method of revenue is a way to recognize revenue in software development projects based on achieving specific milestones or project milestones.

02

Identify the milestones: Determine the significant events or deliverables in the project that signify progress or completion of certain stages.

03

Allocate revenue to milestones: Define the amount of revenue that can be recognized for each milestone based on the percentage of completion or achievement of the specific milestone.

04

Record revenue at each milestone: Record the revenue associated with each milestone in the financial records, ensuring proper documentation and compliance with accounting principles.

05

Monitor and review: Continuously monitor the progress of the project and review the achieved milestones to ensure accurate recognition of revenue.

06

Seek professional guidance: If you are unsure about implementing the milestone method of revenue, consult with a professional accountant or financial advisor who can provide guidance based on your specific circumstances.

Who needs milestone method of revenue?

01

Companies in the software development industry: The milestone method of revenue is commonly used by companies in the software development industry where projects often involve distinct stages or deliverables that can be easily identified as milestones.

02

Service-based businesses: Service-based businesses that work on long-term projects with defined milestones can also benefit from using the milestone method of revenue to recognize revenue as they complete specific stages of the project.

03

Companies with significant project-based revenue: If your company generates a significant portion of its revenue from project-based activities, the milestone method of revenue can provide a more accurate representation of revenue recognition compared to other methods.

04

Companies with complex contracts: For companies dealing with complex contracts that involve multiple milestones or stages, using the milestone method of revenue can help in ensuring proper revenue recognition and compliance with accounting standards.

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