According to the Framework for Preparation and Presentation of Financial Statements of the IASB, what is the definition of income?

Question

Quizplus · Accepted Answer

Income is defined by the IASB as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. This definition excludes transactions with owners in their capacity as owners, focusing instead on the company's operational and financial activities that increase its equity.