Revenue recognition principles that apply to revenues of governments and government organizations other than government transfers and tax revenue require development.
The Public Sector Accounting Handbook has two Sections that address two major sources of government revenues, government transfers and tax revenue. Revenues are defined in Section PS 1000, Financial Statement Concepts. Recognition and disclosure of revenues are described in general terms in Section PS 1201, Financial Statement Presentation.
This project will address recognition, measurement and presentation of revenues that are common in the public sector.