Additional information regarding Revenue and Collection:

Revenue Revenue Recognition Point

Licenses When services are rendered or when
Supervision and Regulation tickets or relevant document representing
Enforcement Fees violation are issued or if not practicable,
when fees are collected

Spectrum Usage Fees When bills are rendered for the use,
allocation and assignment of radio frequency
wave lengths or if not practicable,
when fees are collected

Inspection Fees When bills are rendered for the conduct of

Legal Fees, Verification and
Authentication Fees,
inspection by authorized government
official or if not practicable, when fees are
collected.
When filing fees are billed or if not
practicable, when fees are collected

Passport and Visa Fees, When fees are billed upon issuance of the
passport and visa or if not practicable,
when fees are collected
Processing Fees When fees are billed or collected for the
processing of documents for securing
permits/applications.

Other Service Income When fees are billed or if not practicable,

when fees are collected
Business Income

School Fees, Affiliation Fees, When fees are billed or if not practicable,
Examination Fees, Seminar/ when fees are collected.
Training Fees

Rent/Lease Income,
Communication Network Fees,
Transportation System Fees, When fees are billed for earned revenue from
Road Network Fees, Waterworks use of government property facilities or if
System Fees, Power Supply not practicable, when fees are collected.
System Fees, Seaport System
Fees, Landing and Parking Fees,
Income from Hostels/
Dormitories and Other Like
Facilities, Slaughterhouse, and
Other Service Income

Sales Revenue When the significant risks and rewards of

ownership have been transferred to the
buyer as indicated in the sales invoice

Hospital Fees When fees are billed for hospital and

related services rendered, or if not
practicable, when fees are collected

Share in the Profit of Joint When share in the profit is earned

Venture

Other Business Income When earned or if not practicable,

When fees are collected.
Further reading from GAM, Vol I:

Sec. 5. Sources of Revenue and Other Receipts

Sec. 6. Revenue from Exchange Transactions
Sec. 7. Recognition and Measurement of Revenue
Sec. 9. Impairment Losses and Allowance for Impairment Losses.
Sec. 10. Disclosure
Sec. 11. Revenue from Non-Exchange Transactions
Sec. 12. Recognition of Revenue from Non-Exchange Transactions.
Sec. 13. Measurement of Revenue from Non-Exchange Transactions
Sec. 13. Measurement of Revenue from Non-Exchange Transactions. Revenue from non-exchange
transactions shall be measured at the amount of the increase in net assets recognized by the
entity, unless it is also required to recognize a liability. Where a liability is recognized and
subsequently reduced, because the taxable event occurs, or a condition is satisfied, the amount
of the reduction in the liability will be recognized as revenue. (Pars. 48 and 49,PPSAS 23)
Sec. 14. Measurement of Assets on Initial Recognition from Non-Exchange Transactions.
An asset acquired through a non-exchange transaction shall initially be measured at its fair
value as at the date of acquisition. (Par. 42, PPSAS 33)
Sec. 15. Measurement of Liabilities on Initial Recognition.
Where the time value of money is material, the liability will be measured at the present value
of the amount expected to be required to settle the obligation. (Par. 58, PPSAS 23)
Sec. 16. Tax Revenue.
Taxes are economic benefits or service potential compulsory paid or payable to public sector
agencies, in accordance with laws and or regulations, established to provide revenue to the
government. Taxes do not include fines or other penalties imposed for breaches of the law,
unless otherwise specified in laws and regulations.