In Australia under the conceptual framework,which of the following is not an identifiable element of financial statements?
A) Liabilities
B) Assets
C) Profit
D) None of the above, i.e., all are identifiable elements

Question

Quizplus · Accepted Answer

Under the conceptual framework of financial statements in Australia, profit is not categorized as an identifiable element. The identifiable elements include assets, liabilities, and equity. Profit is a result of the operation of a business and is not an item that can be measured or recognized directly. Instead, it arises from changes in the values of elements such as assets or liabilities.

In Australia Under the Conceptual Framework,which of the Following Is