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On Some Ideas For Improvement Of Identification And Recording Gains/Losses

Author

Listed:
  • Alver, Jaan

    (Tallinn University of Technology, Estonia)

  • Alver, Lehte

    (Tallinn University of Technology, Estonia)

Abstract

The aim of paper is to analyze the definitions and recording process of revenues and gains. The authors of current paper have worked out some suggestions for improving the reporting process taking into account the definitions of income, revenue, gains, losses and profit. Analyzing the inconsistency in two pairs of opposite terms (Profit and Loss and Gain and Loss) the authors came to conclusion that the amount named gain/loss in disposal of property, plant and equipment is rather correction or adjustment of previous miscalculation of depreciation expense due to the formula. To make aforementioned adjustments and show them separately a Contra depreciation expense account or Depreciation adjunct account is recommended

Suggested Citation

  • Alver, Jaan & Alver, Lehte, 2016. "On Some Ideas For Improvement Of Identification And Recording Gains/Losses," Journal of Economic and Social Development, Clinical Journals Press, vol. 3(02), pages 01-11, September.
    • Handle: RePEc:ris:joeasd:0139
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    References listed on IDEAS

    as
    1. Richard Barker, 2010. "On the Definitions of Income, Expenses and Profit in IFRS," Accounting in Europe, Taylor & Francis Journals, vol. 7(2), pages 147-158, December.
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    More about this item

    Keywords

    Income; Gain; Loss; Profit; Transaction approach;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

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