The general concepts and principles used for revenue recognition are similar between GAAP and IFRS. They differ in the details. GAAP provides specific guidelines for revenue recognition for many different industries whereas IFRS does not. The International Accounting Standards Board illustrates revenue as including both gains and revenues. When working under GAAP, revenues and gains have completely separate definitions.
Generally, the International Financial Reporting Standards principal for revenue recognition is based primarily on the probability that the economically achievable benefits associated with the transaction will flow through to the company that is selling the goods etc. The costs and revenues must be capable of being reliably measured. The concepts used by GAAP such as realized, realizable, and earned are a basis for revenue recognition.
Generally, the International Financial Reporting Standards principal for revenue recognition is based primarily on the probability that the economically achievable benefits associated with the transaction will flow through to the company that is selling the goods etc. The costs and revenues must be capable of being reliably measured. The concepts used by GAAP such as realized, realizable, and earned are a basis for revenue recognition.