Consulting Revenue
Code: 4121
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Account Information
| Account Type | Income Statement |
| Normal Balance | Credit |
Definition
Revenue from consulting services
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
International Accounting Standards
IFRS
IFRS 15
Revenue from Contracts with Customers
Service revenue recognised over time if customer simultaneously receives and consumes benefits.
US GAAP
ASC 606
Revenue from Contracts with Customers
Same principle. Series guidance may apply to repetitive services.