search query: @indexterm CAPITAL / total: 570
reference: 11 / 570
| Author: | Barker, R. |
| Title: | On the definitions of income, expenses and profit in IFRS |
| Journal: | Accounting in Europe
2010 : VOL 7:1-2 p. 147-158 |
| Index terms: | financial regulation PROFIT incomes capital accounting principles |
| Freeterms: | equity IFRS |
| Language: | eng |
| Abstract: | This article makes two contributions. First, it demonstrates that income and expenses are incorrectly defined in the IASB's conceptual framework, and it proposes alternative definitions. Second, the paper identifies that, in part as a consequence of these incorrect definitions, and in part because there are two, conflicting concepts of profit in IFRS, there is, first, no definition of profit in the Framework and, second, inconsistency and needless complexity in the concept of profit in IAS 1. The issues raised by the writer contribute to the current IASB projects on the conceptual framework and on financial statement presentation. |
SCIMA