Consulting Revenue
Code: 4121
👁 Views: 214
Account Information
| Financial Statement | 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).
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IFRS 15
Revenue from Contracts with Customers
US GAAP
ASC 606
Revenue from Contracts with Customers
❓ Frequently Asked Questions
Q: When is consulting revenue recognized?
A: Usually over the contract period (Over Time) using percentage of completion, as the customer consumes the benefit simultaneously with service delivery.