Profit

Profit is the residual amount that remains after expenses (including capital maintenance adjustments, where appropriate) have been deducted from income. Any amount over and above that required to maintain the capital at the beginning of the period is profit.

Profit is specifically discussed in the IASB Framework for the Preparation and Presentation of Financial Statements.

Source: Glossary of Terms of IFRSs as at 31 December 2008.