Professional Services
Fixed-Fee Engagement — Revenue Over Time (% Completion)
Recognizing a portion of a fixed fee based on project completion percentage at month-end.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Contract Asset (Unbilled Revenue) | Asset (+) | 15,000.00 | - |
| Professional Fee Revenue (Fixed Fee) | Revenue (+) | - | 15,000.00 |
💡 Accountant's Note
Under IFRS 15, fixed-fee contracts where the firm delivers a continuous service are recognized over time. Revenue = (costs incurred to date / total estimated costs) × total contract fee. A contract asset is used when revenue outpaces billing milestones.
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