Other Revenues and Gains
Accounting glossary · Understand, connect, apply
Other revenues and gains is a traditional heading for certain income items presented separately from principal operating revenue.
Example
Selling an old machine for $1,200 when its carrying amount is $1,000 creates a $200 gain, not $1,200 of merchandise sales.
Remember the difference
A gain is generally the net increase from the relevant event. Presentation rules and the nature of the entity matter.
Examples are simplified for learning. Where a term depends on US law, IFRS, US GAAP or a historical rule, check the context explained above and the requirements relevant to your course.
Study references: OpenStax financial accounting and managerial accounting. For reporting requirements, consult the applicable IFRS Standards or FASB guidance. US tax terms should be checked against the relevant tax-year IRS instructions.
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