In accordance with IASB Conceptual Framework which of the following is consistent with the definition of expenses?
A) decreases in economic benefits during the accounting period in the form of outflows other than those relating to distributions to equity participants
B) increases in economic benefits during the accounting period in the form of inflows or enhancement of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants
C) decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants
D) All of the given answers are correct.

Question

Quizplus · Accepted Answer

Expenses are defined by the IASB Conceptual Framework as decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants. This matches option C.

In Accordance with IASB Conceptual Framework Which of the Following