This contrasts with the approach to revenue in the accrual concept, which is recognized when earned, even if not yet realized

The statement you provided is discussing the difference between two accounting methods: cash basis and accrual basis.

1. Cash Basis Accounting: In this method, revenue is recognized when cash is received, and expenses are recognized when they are actually paid. This method does not consider accounts receivable or accounts payable. This is the method referred to in the first part of your statement - "This contrasts with the approach to revenue in the accrual concept..."

2. Accrual Basis Accounting: In this method, revenues and expenses are recorded when they are earned, regardless of when the money is actually received or paid. This method considers accounts receivable and accounts payable. This is the method referred to in the second part of your statement - "...which is recognized when earned, even if not yet realized."

So, the statement is highlighting the key difference between these two accounting methods. In cash basis accounting, revenue is recognized only when the cash is received, while in accrual basis accounting, revenue is recognized when it is earned, even if the cash has not yet been received.