Revenues

1. Revenue recognition occurs when an entity satisfies a performance obligation by transferring either a good or a service to a customer. Revenue should be recognized at an amount that reflects the expected consideration the entity is entitled to receive in exchange for the good or service provided. See also expenses and gains and losses. Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.
2. (For GASB 34 Purposes) Revenues are based on exchange or exchange-like transactions including charges for services to customers, charges for services to other governments, and fines and forfeitures. See also operating grants and contributions.