On the Definitions of Income, Expenses and Profit in IFRS

Richard G. Barker

45 citations0/0 files storedAccounting in Europe

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

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.

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References

1995Earnings, Book Values, and Dividends in Equity Valuation*1961The Theory and Measurement of Business Income 2021Value and Capital: An Inquiry into Some Fundamental Principles of Economic Theory 1983Inflation Accounting: An Introduction to the Debate 2004Reporting Financial Performance 2011IAS 39 – Financial Instruments: Recognition and Measurement 2011IAS 1 – Presentation of Financial Statements

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2016Value relevance of accounting information under an integrated reporting approach: A research note 2015Accounting for capital: the evolution of an idea 2015IFRS Ten Years on: Has the IASB Imposed Extensive Use of Fair Value? Has the EU Learnt to Love IFRS? And Does the Use of Fair Value make IFRS Illegal in the EU?2012On the Definitions of Income and Revenue in IFRS 2019Proposal for improved financial statements under IFRS

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