CONCEPTUAL BASICS AND NOTIONAL TERMS OF PROFIT

. The article covers various approaches to defining such terms as "income", "profit", "expenses" and "financial results". The main task is to compare these terms described in eco- nomic literature, Russian accounting system and international financial accounting standarts and to define principal differences between consumption and expenses. Information concern- ing accounting statements elements (such as assets, obligations, capital, income and expenses) is discribed in depth. The article studies two concepts of capital sustainment (those are dis- cribed in Conceptual basis of IAS) which significant difference lies in asset and obligation price change accounting