IFRS 15 Revenue Recognition & Contracts
IFRS 15 five-step revenue recognition: allocation, over-time/point-in-time recognition, contract asset & liability
IFRS 15 Revenue Recognition & Contracts is a real, working implementation of the IFRS 15 (ASC 606) five-step revenue recognition model for customer contracts, with genuine journal entries posted at every step. It covers transaction price allocation, over-time and point-in-time recognition, and the resulting contract asset/liability position, backed by a full periodic recognition history auditors ask for.
Key Features
Customer Contracts & Performance Obligations
Record a customer contract with its total transaction price and one or more performance obligations, moving through a Draft, Price Allocated, Active, Completed/Cancelled workflow with full chatter tracking.
Cent-Accurate Price Allocation
The total transaction price is allocated across performance obligations in proportion to each obligation's standalone selling price, with an exact reconciliation that leaves no rounding drift against the original transaction price.
Over-Time Recognition (Input or Output Method)
Revenue can be recognised over time using an input method (cost-to-cost) or an output method (units delivered), maintaining a stored, always-current progress percentage per obligation.
Point-in-Time Recognition
For obligations satisfied at a single moment, the full allocated price is recognised the instant the obligation is marked satisfied.
Recognize Period Revenue Posting
Clicking Recognize Period Revenue computes the period's revenue from the current progress and posts a real journal entry crediting Revenue, never billing revenue directly.
Contract Asset / Contract Liability Roll-Up
Billing an obligation posts Dr Receivable / Cr Contract Liability, and each recognition entry releases any existing contract liability first before increasing the contract asset for any remainder, mirroring the logic for downward cumulative catch-up adjustments.
Live Cumulative Position Tracking
Roll-up contract asset and contract liability totals, per obligation and per contract, always match the live cumulative recognised-versus-invoiced position.
Periodic Recognition Table
A full recognition history per obligation records date, progress percentage, period revenue, cumulative revenue, cumulative invoiced, contract asset/liability and the journal entry posted, forming the periodic revenue recognition table auditors request.
Use Cases
Screenshots
01 Contracts List
02 Contract Form
03 Performance Obligations L
04 Recognition Table List
Why Choose This Module
IFRS 15 and ASC 606 compliance is often handled with manual spreadsheets that are hard to audit and easy to get wrong, especially once billing and recognition timing diverge. This module implements the full five-step model with real journal entries at allocation, recognition and billing, so contract asset and liability balances stay correct automatically and the periodic recognition schedule an auditor needs is always ready.
Specifications
- Compatible: Odoo 18.0 / 19.0
- License: OPL-1
- Languages: 35+
- Author: Pokutsoft
- Dependencies: account
- Support: odoo@gencbaris.com
- Update date: 2026-07-13
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Invoicing (account)
• Discuss (mail) |
| Lines of code | 1154 |
| Technical Name |
ifrs15_revenue_recognition_contracts |
| License | OPL-1 |
| Website | https://pokutsoft.com/ |
Odoo Proprietary License v1.0 This software and associated files (the "Software") may only be used (executed, modified, executed after modifications) if you have purchased a valid license from the authors, typically via Odoo Apps, or if you have received a written agreement from the authors of the Software (see the COPYRIGHT file). You may develop Odoo modules that use the Software as a library (typically by depending on it, importing it and using its resources), but without copying any source code or material from the Software. You may distribute those modules under the license of your choice, provided that this license is compatible with the terms of the Odoo Proprietary License (For example: LGPL, MIT, or proprietary licenses similar to this one). It is forbidden to publish, distribute, sublicense, or sell copies of the Software or modified copies of the Software. The above copyright notice and this permission notice must be included in all copies or substantial portions of the Software. THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.
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