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chandan

chandan (Querist)
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05 July 2009 what is differnce between Revenue and Income according to ICAI standerds and his guidelines.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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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.

chandan

chandan (Querist)
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07 July 2009 i am not satisfied from your answer, please clear about these terms according to International Acccounting Standerd.

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