AccountingStudent resources

What is the asset or liability model for the definition and recognition of income?

The asset or liability model for the definition and recognition of income:

The definition of income as encompassing both revenue and gains is very broad, being based in effect, on statement of financial position (balance sheet) movements. The elements of the statement of financial position (assets, liabilities and equity) are defined first in the IFRS Conceptual Framework, before the elements of the statement of comprehensive income.

Therefore, the statement of comprehensive income is derived from the statement of financial position (according to a strict interpretation of the Conceptual Framework). This is known as the asset/liability model. Theoretically this means that once an asset is recognised or a liability reduced or derecognised, under the Conceptual Framework’s asset/liability model, income is recognised simultaneously.


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