On the Definitions of Income, Expenses and Profit in IFRS RICHARD BARKER Accounting in Europe Vol. 7, No. 2, 147158, December 2010 ABSTRACT This paper makes two contributions. First, it demonstrates that income and expenses are incorrectly defined in the IASBs conceptual framework, and it proposes alternative definitions. Second, the paper identifies that, in part as a consequence of these incorrect definitions, and in part because there are two, conflicting concepts of profit in IFRS, there is, first, no definition of profit in the Framework and, second, inconsistency and needless complexity in the concept of profit in IAS 1. The issues raised in this paper contribute to the current IASB projects on the conceptual framework and on financial statement presentation.

a. Define your opinion about this articles, what the standard setters (both IASB and FASB) have done in making the discussion in the article something to consider in the preparation of the conceptual framework and accounting standards.