US GAAP and IFRS treated the revenue different ways before the joint issue of new accounting standard by FASB and IASB, which is regarded as IFRS 15.
The Concept statement No 6 under Us GAAP states that revenue is regarded as an amount or other items that lead to an increment in the entity asset or the obligations to be settled or both from transferring of goods or services. It was defined by IAS No 8 issued by IASB as the totality of benefit that accrued to the company resulted from the normal business activities of the company that is measured in monetary value, which contributed to the increase in the asset as well as shareholder’s wealth. Concept statement number 5 issued by FASB, Recognition and Measurement in Financial Statements of Business Enterprises identified that revenue would be recognized when it assumed realized or realizable and earned. The paragraph 83 of the Framework issued by the IASB states that revenue would be assumed been recognized when any economic benefit that will to be business in future can be probable that it will be generated by the entity and the measurement of such benefit can be done reliably.