On the Definitions of Income, Expenses and Profit in IFRS

Barker, Richard (2010) On the Definitions of Income, Expenses and Profit in IFRS. Accounting in Europe, 7 (2). pp. 147-158.

Abstract

This paper 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 in this paper contribute to the current IASB projects on the conceptual framework and on financial statement presentation.

Item Type: Article
Keywords: financial reporting; income; accounting
Subject(s): Accounting
Date Deposited: 14 Mar 2013 08:46
Last Modified: 21 Feb 2017 10:14
Funders: N/A
URI: http://eureka.sbs.ox.ac.uk/id/eprint/4400

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