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Generally, in both IFRS and US GAAP, revenue is recognized when probable and measurable. A new IFRS says that revenue from contracts is recognized when the service or good is transferred to the customer.
Revenue should be recognized monthly based on the invoice or receipt for the period i.e if you invoice a client for a years service the revenue associated with that invoice value should be on a monthly basis apportioned on the percentage of job done for that period but for a once of invoice the revenue should be the period the invoice partain to.
Revenue is recognized when service has been rendered or goods have been delivered.
Revenue is generally recognized :
1- When relized or relizable
2- When Earned
Revenue should recognized in the accounting period in which it is earned ( Generally at point of sale )
