Income is often described as a 'flow' as distinct from a 'stock' (e.g. of net assets or capital). Companies do have … net revenues. But that is only one part of the increment in wealth." Chambers, R. J., 1983, 'Price Variation and Inflation Accounting', McGraw-Hill Book Company, Sydney, p34. Today the AASB and IASB distinguish the 'flow' as either revenue or gains thereby acknowledging the distinction made by Chambers. Tasks to research 1. With reference to the above statement describe what you understand by the term 'income' and how it is measured using examples from your selected annual report. 2. Discuss 'income' and the problems of measurement in the context of the present AASB and IASB standards and frameworks. 3. Evaluate the categorisation and treatment of 'income' in your annual report in the context of AASB and IASB standards and frameworks. 4. Establish links between the measurement of 'income' and decision useful information with examples from your selected annual report.