Definition of Elements of Financial Statements
The elements of financial statements are the classes of items contained in the financial statements.
Examples of Elements of Financial Statements
The elements of the financial statements include:
- Assets
- Liabilities
- Equity or net assets
- Investments by owners
- Distributions to owners
- Comprehensive income
- Revenues
- Expenses
- Gains
- Losses
The above list is based on the FASB’s Statement of Financial Accounting Concepts No. 6, Elements of Financial Statements, which you may read at www.FASB.org.
