Under the AASB Framework a saving in an outflow through the reduction of a liability that is not a contribution by equity participants,and results in an increase in equity during the reporting period,was income:

Question

Quizplus · Accepted Answer

According to the AASB Framework, a saving in an outflow through the reduction of a liability that is not a contribution by equity participants and results in an increase in equity during the reporting period is recognized as income. Hence, option A is correct.

Under the AASB Framework a Saving in an Outflow Through