Profit is not defined in the AASB Framework:
A) because it is simply the difference between income and expenses, both of which are defined.
B) as it is an intangible item and therefore cannot be properly defined.
C) because different measurement methods will give different profits, therefore there cannot be one definition.
D) as it is clearly defined under AASB 101.

Question

Quizplus · Accepted Answer

The AASB Framework does not define profit separately as it is simply the difference between defined concepts of income and expenses.

Profit Is Not Defined in the AASB Framework