Which of the following statements is true? A) The term income is not used under IFRS....
Which of the following statements is true?
A) The term income is not used under IFRS.
B) The term income refers only to gains on investments.
C) Under IFRS, expenses include distributions to owners.
D) Under IFRS, the term income refers to what would be called revenues and gains under GAAP.
Homework Answers
Answer
--Correct Answer = Option 'D' The True statement is "Under IFRS, the term income refers to what would be called revenues and gains under GAAP."
--Under IFRS, the term "income" has been defined to include revenues and gains, and "expenses" include expenses and losses.
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