Under the AASB (IASB)Conceptual Framework an increase in economic benefits in the form of the reduction of a liability that is not a contribution by equity participants and results in an increase in equity during the reporting period,is income.

Question

Quizplus · Accepted Answer

This statement is consistent with the AASB (IASB) Conceptual Framework definition of income, which states that it is an increase in economic benefits during the reporting 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.

Under the AASB (IASB)Conceptual Framework an Increase in Economic Benefits