Elements of Financial Statement - Management Duniya

Elements of Financial Statement

Elements of Financial Statement:

FASB (Financial Accounting Board USA) issued in Dec-1980 the elements of financial statements are the building blocks with which financial statements are constructed the classes of items that financial statements compromise. The item in financial statements represent in words & numbers certain enterprise resources claims to those resources & the effects of transactions & other events & circumstances that result in change in those resources & claims.

The IASC has given only 5 elements of financial statement against the 10 elements given by the FASB. They are

Assets

Liabilities

Equity (in case of Balance sheet)

Income

Expenses (in case of income statement)

Source: A/c Books & Notes

Tags: accounting, accounts, Assets, Capital, expenses, finance, Financial Statement, income, liabilities, revenue
By: Management Duniya