Under IFRS, a decrease in economic benefit that results in a decrease in equity is termed as a(an):
A) Loss of economic benefit
B) Comprehensive loss
C) Expense
D) Distributions to owners

Question

Quizplus · Accepted Answer

An expense under IFRS is defined as a decrease in economic benefit 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.

Under IFRS, a Decrease in Economic Benefit That Results in a Decrease