Gains and losses

Gains are increases in equity that result from transactions that are incidental to the enterprise's activities and from other transactions, events or circumstances affecting the enterprise during a period, except those that result in revenues or equity contributions.

Losses are decreases in equity that result from transactions that are incidental to the enterprise's activities and from other transactions, events or circumstances affecting the enterprise during a period, except those that result in expenses or distributions of equity.

Gains are normally recognized when realized. Losses are normally recognized when realised or when it becomes evident that there is an impairment in the value of the assets, or an increase in the liabilities, to which the losses relate.

Based on: Objectives and Concepts

Underlying Financial Statements, ISAR, 1989