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The Effect of Economic Income on Accoumting Income Concept and Income Reporting System

Liu Jin-xing

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Abstract

The main deficiency of traditional accountion income lies its unrelativity to decision. To enhance the relativity, accounting income concept gradually approach to economic income concept, which has a substantial influence on accounting income and income reporting system. Since ASB、FASB and IASC all apply the concept of comprehensive income to improve accounting income and prepare comprehensive income staement this trend will surely affect CHINA income theory and income accounting practice.

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The main deficiency of traditional accountion income lies its unrelativity to decision. To enhance the relativity, accounting income concept gradually approach to economic income concept, which has a substantial influence on accounting income and income reporting system. Since ASB、FASB and IASC all apply the concept of comprehensive income to improve accounting income and prepare comprehensive income staement this trend will surely affect CHINA income theory and income accounting practice.

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Available abstract

The main deficiency of traditional accountion income lies its unrelativity to decision. To enhance the relativity, accounting income concept gradually approach to economic income concept, which has a substantial influence on accounting income and income reporting system. Since ASB、FASB and IASC all apply the concept of comprehensive income to improve accounting income and prepare comprehensive income staement this trend will surely affect CHINA income theory and income accounting practice.

Key concepts: Comprehensive income, Net national income, Passive income, Income in kind, Net income, Economics, Write-off, Adjusted gross income

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