On income, revenue and profit in IFRSs, and their presentation in financial statements
The purpose of this article is to present and analyze the meaning of and relations among the concepts of income, revenue, profit, gain, and total comprehensive income as used in IFRSs, which, even in the original version of IFRS (in English) arouse controversy as they are not always consistent, and...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
Rada Naukowa SKwP
2014-12-01
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| Series: | Zeszyty Teoretyczne Rachunkowości |
| Subjects: | |
| Online Access: | http://ztr.skwp.pl/gicid/01.3001.0003.3504 |
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| Summary: | The purpose of this article is to present and analyze the meaning of and relations among the concepts of income, revenue, profit, gain, and total comprehensive income as used in IFRSs, which, even in the original version of IFRS (in English) arouse controversy as they are not always consistent, and sometimes even contradictory. Empirical analysis had been done on financial statements prepared for the period 2010–2012 by companies listed on the Warsaw Stock Exchange, selected from the WIG20 index and sWIG80 index. Research methods applied in this study include descriptive method and critical analysis;for the purpose of analysis of practice and for verification of working hypotheses, qualitative method of original empirical research, supported by simple numerical measures, was used. Two hypotheses have been tested: H1: The quality of statements of comprehensive income prepared by the analyzed companies in accordance with IFRS depends on application of regulations, both current and those which were ap-plied previously, and H2: The quality of financial statements prepared by the analyzed companies de-pends on the size of the company. Empirical verification of these hypotheses gave no reasons for their rejection. |
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| ISSN: | 1641-4381 2391-677X |