Elements of financial performance in IASB Framework
Briefly describe the two elements of financial performance in IASB Framework (2010).
Expert
Elements of the financial performance (IASB, 2010, para 4.25) which are illustrated below:
• Income is raises in economic benefits throughout the accounting period in form of inflows or enhancements of assets or; lessens of liabilities which result in rising in equity, other than those relating to contributions from the equity participants.
• Expenses are reduces in economic benefits throughout the accounting period in the form of depletions or outflows of assets or incurrence of liabilities which result in lessens in equity, other than those relating to distributions to the equity participants.
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