revenue (accounting)

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SFAC No 6 - Statement of Financial Accounting Concepts (FASB Concepts Statement)

[Revenue is] Inflows or other enhancements of assets of an entity or settlement of its liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.

Note: Revenue is distinguished from gain, as stated below:

Revenues and gains are similar, and expenses and losses are similar, but some differences are significant in conveying information about an enterprise's performance. Revenues and expenses result from an entity's ongoing major or central operations and activities—that is, from activities such as producing or delivering goods, rendering services, lending, insuring, investing, and financing. In contrast, gains and losses result from incidental or peripheral transactions of an enterprise with other entities and from other events and circumstances affecting it. Some gains and losses may be considered "operating" gains and losses and may be closely related to revenues and expenses. Revenues and expenses are commonly displayed as gross inflows or outflows of net assets, while gains and losses are usually displayed as net inflows or outflows... Since a primary purpose of distinguishing gains and losses from revenues and expenses is to make displays of information about an enterprise's sources of comprehensive income as useful as possible, fine distinctions between revenues and gains and between expenses and losses are principally matters of display or reporting

IASB Framework for the Preparation and Presentation of Financial Statements

The definition of income encompasses both revenue and gains. Revenue arises in the course of the ordinary activities of an enterprise and is referred to by a variety of different names including sales, fees, interest, dividends, royalties and rent.

ASB (UK) Statement of Principles for Financial Reporting

Note: IASB defines "income" as encompassing both revenue and gains. ASB uses the term "gains" for this more general concept of "income".

Gains are increases in ownership interest not resulting from contributions from owners. [encompasses both revenue and gains].

2003 IFAC Handbook of International Public Sector Accounting Pronouncements

The gross inflow of economic benefits or service potential during the reporting period when those inflows result in an increase in net assets/equity, other than increases relating to contributions from owners.

Framework for the Preparation and Presentation of Financial Statements - CCDG, Singapore

income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or
decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.


other names

income [encompasses both revenue and gains],


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This page was first published in August 2003; last updated  in September 2003.