Under the AASB (IASB)Conceptual Framework Income Is Now Subdivided Into

Multiple Choice

Under the AASB (IASB) Conceptual Framework income is now subdivided into:

A) revenues, which only include sales, fees, interest, dividends, royalties and rent; gains, which are no different in nature to revenue.
B) gains, which are regarded as constituting a separate element in the framework; revenues, which may only arise in the course of the ordinary activities of the entity.
C) revenues, which arise in the course of the ordinary activities of the entity; gains, which may or may not arise in the course of the ordinary activities of the entity.
D) increases in equity referred to as gains; reductions in liabilities which are classified as revenues.