Which of the following is not an element of financial statements contained in the IASB's Framework for the Preparation of Financial Statements?

Question

Quizplus · Accepted Answer

The element of gain is not explicitly listed in the IASB's Framework for the Preparation of Financial Statements, although it is often recognized in practice as a type of income. The other options - income, expense, and asset - are all explicitly listed as elements of financial statements in the framework.

Which of the Following Is Not an Element of Financial