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Income

Professional Organisations

The International Accounting Standards Board (IASB), for example, has proposed the following definition of income:

"Income is 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" ("Revenue Recognition": 2003).

Unless you're an accountant (or even if, perhaps) such a definition is unlikely to prove comprehensible for most of us without some form of translation into plain English...