difference
This query is : Resolved
05 July 2009
what is differnce between Revenue and Income according to ICAI standerds and his guidelines.
06 July 2009
AS 9 defines revenue as the gross inflow of cash, receivables or other consideration arising in the ordinary course of business.
income is defined as increase in the economic benefits during the accounting period in the form of inflows or increase in assets or decrease in liability that results in increase in equity other than those relating to contributions from equity participants. i.e. not from ordinary activity of business.
income has a wider meaning than revenue.
income also includes unrealized gains.
revenue arises on sell of goods and gain arises on sale of fixed asset
income combines both revenue and gains.
income is defined as increase in the economic benefits during the accounting period in the form of inflows or increase in assets or decrease in liability that results in increase in equity other than those relating to contributions from equity participants. i.e. not from ordinary activity of business.
income has a wider meaning than revenue.
income also includes unrealized gains.
revenue arises on sell of goods and gain arises on sale of fixed asset
income combines both revenue and gains.
07 July 2009
i am not satisfied from your answer, please clear about these terms according to International Acccounting Standerd.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- COP Surrender 2024
- Regarding Waiver of Interest levied u/s 50 of PGST/CGST Act
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
