Nevada Revised Statutes (Last Updated: December 24, 2014) |
TITLE31 PUBLIC FINANCIAL ADMINISTRATION |
CHAPTER353. State Financial Administration |
STATE ACCOUNTING PROCEDURES LAW |
NRS353.311. “Revenue” defined.
Latest version.
- “Revenue” means the gross increase in ownership equity during a designated period. If the accounts are kept on an accrual basis, the term designates:
1. Additions to assets which do not increase any liability or represent the recovery of an expenditure or contributions of fund capital in proprietary funds; and
2. The cancellation of liabilities without a corresponding increase in other liabilities or a decrease in assets.
Ê If the accounts are kept on the modified accrual basis, the additions must be measurable and available to finance expenditures of the fiscal period.
(Added to NRS by 1969, 507; A 1987, 624)