Question

When, per GASB 33, can revenue be recognized?

Answer 1

As per GASB 33, revenue can be recognized when the criteria for accrual basis recignition are met and the revenues are available. Revenues are said to be available when the government has collected the revenues or expects to collect revenues soon enough to pay off the liabilities of the current period. Further the recognition of revenue class wise is mentioned below:

Assets- When the underlying transaction of exchange takes place or the resources are received, whichever is first.

Revenues- When the underlying transaction takes place.