There is no conceptual difference in the FASB framework between revenues and gains.

Question

Quizplus · Accepted Answer

Revenues are inflows or other enhancements of assets of an entity or settlement of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or other activities that constitute the entity’s ongoing major or central operations. Gains, however, are increases in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity except those that result from revenues or investments by owners.

There Is No Conceptual Difference in the FASB Framework Between