What four conditions must normally be met for revenue to be recognized under accrual basis accounting?
Revenue recognition criteria according to US GAAP USSEC’s SAB104 states that revenue generally is realized or realizable and earned when all of the following criteria are met: Persuasive evidence of an arrangement exists; Delivery has occurred or services have been rendered; The seller’s price to the buyer is fixed or determinable; and Collectability is reasonably assured
