ELEMENTS

Asset

A present economic resource controlled by the party as a result of past events. An economic resource is a right that has the potential to produce economic benefits.

Liabilities

A present obligation of the entity to transfer an economic resource as a result of past events

Equity

The residual interest in the assets of the entity after deducting all its liabilities.

Income

Increases in assets, or decreases in liabilities, that result in the increases in equity, other than those relating to contributions from holders of equity claims.

Expenses

Decreases in assets, or increases in liabilities, that result in decreases in equity, other than those relating to distributions to holders of equity claims