Revenue
Code: 4000
👁 Views: 40
Account Information
| Account Type | Income Statement |
| Normal Balance | Credit |
Definition
Represents revenues generated from main operations
Sub-accounts
4100
Operating Revenue
4200
Other Revenue
International Accounting Standards
IFRS
IFRS 15
Revenue from Contracts with Customers
Revenue recognised when performance obligations are satisfied. Five-step model applies to all revenue.
US GAAP
ASC 606
Revenue from Contracts with Customers
Identical five-step model converged with IFRS 15. Minor industry-specific differences remain.