10 elements of financial statements

Assets

A present right of an entity to an economic benefit

Liabilities

A present obligation of an entity to transfer an economic benefit

Equity (net assets)

The residual interest in the assets of an entity that remains after deducting its liabilities

Investments by owners

Increases in equity of a particular business enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests in it

Distributions to owners

Decreases in equity of an entity resulting from transferring assets, rendering services, or incurring liabilities by the entity to owners

Comprehensive income

The change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners

Revenues

Inflows or other enhancements of assets of an entity or settlements of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities

Expenses

Outflows or other using up of assets of an entity or incurrences of its liabilities (or a combination of both) from delivering or producing goods, rendering services, or carrying out other activities

Gains

Increases in equity (net assets) from transactions and other events and circumstances affecting an entity, except those that result from revenues or investments by owners

Losses

Decreases in equity (net assets) from transactions and other events and circumstances affecting an entity, except those that result from expenses or distributions to owners