Editing Income (section)

==Accounting definitions==
{{Main article|Income (United States legal definitions)}}

The [[International Accounting Standards Board]] (IASB) uses the following definition: "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." [F.70] (IFRS Framework).

Previously the IFRS conceptual framework (4.29) stated: "The definition of income encompasses both revenue and gains. Revenue arises in the course of the ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends, royalties and rent. 4.30: Gains represent other items that meet the definition of income and may, or may not, arise in the course of the ordinary activities of an entity. Gains represent increases in economic benefits and as such are no different in nature from revenue. Hence, they are not regarded as constituting a separate element in this Conceptual Framework."<ref>{{Cite web |last=admin |title=Conceptual Framework for Financial Reporting 2018 |url=https://www.iasplus.com/en/standards/other/framework |access-date=2022-06-28 |website=www.iasplus.com |language=en}}</ref>

The current IFRS conceptual framework <ref>{{cite web|title=IASB|url=https://www.ifrs.org/issued-standards/list-of-standards/}}</ref> (4.68) no longer draws a distinction between revenue and gains.  Nevertheless, the distinction continues to be drawn at the standard and reporting levels.  For example, IFRS 9.5.7.1 states: "A gain or loss on a financial asset or financial liability that is measured at fair value shall be recognised in profit or loss ..." while the IASB defined IFRS XBRL taxonomy <ref>{{cite web|title=IASB|url=https://www.ifrs.org/issued-standards/ifrs-taxonomy/ifrs-taxonomy-2021/}}</ref> includes OtherGainsLosses, GainsLossesOnNetMonetaryPosition and similar items.

US GAAP does not define income but does define comprehensive income (CON 8.4.E75): Comprehensive income is the change in equity of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

According to [[John Hicks#Contributions to interpretation of income for accounting purposes|John Hicks' definitions]], income "is the maximum amount which can be spent during a period if there is to be an expectation of maintaining intact, the capital value of prospective receipts (in money terms)".<ref>{{cite web|title=Oxbridge Notes|url=https://www.oxbridgenotes.co.uk/revision_notes/accounting-lse-financial-accounting-analysis-and-valuation/samples/5-hicks-income|access-date=18 August 2016}}</ref>