Definition Of Revenue In Accounting Standards
Revenue recognition is a generally accepted accounting principle gaap that identifies the specific conditions in which revenue is recognized and determines how to account for it.
Definition of revenue in accounting standards. Revenue is an increase in assets or decrease in liabilities caused by the provision of services or products to customers. The objective of ias 18 is to prescribe the accounting treatment for revenue arising from certain types of transactions and events. It is typically calculated as follows. The ifrs foundation s logo and the ifrs for smes logo the iasb logo the hexagon device eifrs ias iasb ifric ifrs ifrs for smes ifrs foundation international accounting standards international financial reporting standards niif and sic are registered trade marks of the ifrs foundation further details of which are available from the ifrs.