Profit is not defined in the Australian Accounting Stand

ards Board (AASB)

Conceptual Framework

:

A.

because it is simply the difference between income and expenses, both of

which are defined.

B.

as it is an intangible item and therefore cannot be properly defined.

C.

because different measurement methods will give dif

ferent profits, therefore

there cannot be one definition.

D.

as

it is clearly defined under AASB 101

"Presentation of Financial

Statements"

.