#cfa-level-1 #reading-25-understanding-income-statement
The IASB Framework for the Preparation and Presentation of Financial Statements Income definitions:
Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.
If you want to change selection, open document below and click on "Move attachment"
3. REVENUE RECOGNITIONramework”) further defines and discusses these income statement items. The Framework explains that profit is a frequently used measure of performance and is composed of income and expenses.9 It defines income as follows:
<span>Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.10
In IFRS, the term “income” includes revenue and gains. Gains are similar to revenue, but they typically arise from secondary or peripheral activities rather than f Summary
| status | not read | | reprioritisations | |
|---|
| last reprioritisation on | | | suggested re-reading day | |
|---|
| started reading on | | | finished reading on | |
|---|
Details