Revenue is dealt with in two separate standards in the GRAP suite of standards. The reason for this is that revenue is largely generated in two different ways:
a) By one entity providing a good, service or right of use of an asset and in return, receiving an equivalent amount of proceeds (an exchange transaction); or
b) By one entity providing value (either a monetary resource or not) to another entity and not receiving an equivalent value in return (a non-exchange transaction)

GRAP 9 deals with revenue from exchange transactions which is how we traditionally think about revenue from sale of goods and rendering of services.

GRAP 23 deals with revenue from non-exchange transactions, which is relevant for when grants / donations, services-in-kind (free or cheap services), taxes or debt forgiveness are provided, amongst other things.

We will look to clearly establish the theoretical requirements and use examples where possible to understand how to apply recognition criteria, do measurement calculations and account for the debits and credits that embody revenue transactions.