GuestEquity and Income
Source: Conceptual Framework under Ind AS (summary)
Equity is the residual interest in the assets of an entity after deducting all its liabilities. Income is an increase in assets or a decrease in liabilities that increases equity, other than contributions from holders of equity claims. Expenses are the reverse, other than distributions to those holders.
Typing details
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About Accounting
Accounting principles in short, plain-language summaries: double entry, accrual, going concern and prudence, then Ind AS topics such as inventories, cash flows, events after the reporting period, income taxes, property, plant and equipment, employee benefits, government grants and foreign currency.