Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. For example, for individuals income usually means the gross amount on their payslips before any tax and other deductions has been made by their employer.

Internationally, the accounting term income is synonymous to term revenue. One of the best accounting definitions of income is the one used by International Accounting Standards Board (quotation from IFRS Framework):

Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants. ^*

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Economic news - CNNMoney.com

Oil stockpile a drop in the bucket
Fri, 09 May 2008 13:07:30 -0400
As part of their plan to tame record oil prices, lawmakers are urging the President to stop putting oil in the nation's Strategic Petroleum Reserve. But some analysts say that won't do much to lower gas prices.
Tax rebates won't work - 82% say
Fri, 09 May 2008 13:50:33 -0400
Eight in 10 Americans believe that the government's $110 billion effort to help consumers will not boost the economy, according to a poll released Friday.
Why inflation is not the big problem
Fri, 09 May 2008 07:09:57 -0400
Suddenly inflation is the word on everyone's lips. But as much as they might like to, policymakers cannot forget about a bigger problem - the lingering effects of the credit crunch.

Latest Business News from Times Online

Vodafone to study £20bn bid for African operator MTN
Sun, 11 May 2008 00:00:00 -0000
VODAFONE is examining a £20 billion bid for MTN, Africa’s largest mobile-phone operator.
British Gas sues Accenture over billing ‘shambles’
Sun, 11 May 2008 00:00:00 -0000
CENTRICA is suing the global consultancy group Accenture for £182m over an IT system it claims reduced British Gas’s customer-billing process to a shambles.
BAE boss Mike Turner lands again at Babcock International as chairman
Sun, 11 May 2008 00:00:00 -0000
THE outgoing chief executive of BAE Systems, Mike Turner, is to make a return to Babcock International, the support-services group, but this time as chairman.
United States says air tax is illegal
Sun, 11 May 2008 00:00:00 -0000
MINISTERS have flown into another business tax row after the US government made a blistering attack on a new £2.5 billion aviation duty, questioning its green credentials and claiming that it broke international law.
A fresh start for Britain’s businesses
Sun, 11 May 2008 00:00:00 -0000
The greenest companies in Britain with the most environmentally aware staff will be unveiled in The Sunday Times Green List next week. Competition among the country’s businesses to be included in the inaugural list of the 50 Best Green Companies has been fierce. Standards are exceptionally high and the demands placed on companies sufficiently stringent to deter all bar those confident of their green credentials.
Surging inflation and weakening economic growth will limit room for rate cuts
Sun, 11 May 2008 00:00:00 -0000
THE Bank of England will this week reveal a grim forecast of rising inflation and sharply weakening economic growth for the coming months. Though the Bank’s closely watched quarterly inflation report will leave the door open to further interest rate cuts, it will disappoint those looking for aggressive reductions.

NYSE.com Financial News Releases

NYSE Euronext Announces First Quarter 2008 Financial Results
Tue, 06 May 2008 12:00:00 -0400

NYSE Arca Announces New Equities Pricing, Effective May 1
Tue, 22 Apr 2008 12:00:00 -0400

Babcock & Brown Air Limited (FLY)
Mon, 14 Apr 2008 12:00:00 -0400


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