Under IFRS, income is defined as
A)revenue less expenses.
B)revenues and gains, less expenses and losses.
C)revenues and gains.
D)revenues, gains, and contributions by owners.

Question

Quizplus · Accepted Answer

Under IFRS, income is defined as 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. This includes both revenues and gains.

Under IFRS, Income Is Defined as