What it is
ASC 606 presents a contract as a contract asset or a contract liability depending on the relationship between performance and payment, and requires disclosure of opening and closing balances.
The workbook rolls each contract’s position forward, splits the closing position into an asset or a liability contract by contract, and totals the amounts for the disclosure and the ledger tie-out.
When to use it
- Entities with performance ahead of or behind billing.
- Preparing the ASC 606 contract balance disclosure.
- Auditing contract assets and liabilities.
What’s inside
- Contracts tab with opening, revenue, billings, other changes and closing
- Disclosure tab with totals and tie-outs
- Revenue from opening contract liability line
- Legend tab
Standard cited
This template follows ASC 606-10-45, 50-8. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
Why not net across contracts?
606-10-45-1 presents the contract as an asset or liability, so the position is determined for each contract.
Where are receivables?
Outside this workbook. An unconditional right to consideration is a receivable.
Related templates
- Deferred Revenue Rollforward and Ratable Recompute
- ASC 606 Revenue Recognition Schedule
- Disclosure Checklist: Revenue (ASC 606)
- Revenue Contract Testing Audit Program (ASC 606)
Last updated 11/06/2026. All free templates.