Elements Definitions

A present economic resource controlled by an entity as a result of past events that is reasonably expected provide an inflow of future economic benefits (converted to cash, sold or consumed) within the next 12 months.

• Current asset

• Non-current asset

• Current liability

• Non-current liability

A present economic resource controlled by an entity as a result of past events that is not held for resale and is reasonably expected to be used to provide an inflow of future economic benefits for more than the next 12 months.

• Current asset

• Non-current asset

• Current liability

• Non-current liability

A present obligation of an entity to transfer (outflow) an economic resource as a result of past events that is reasonably expected to be settled within 12 months.

• Current asset

• Non-current asset

• Current liability

• Non-current liability

A present obligation of an entity to transfer (outflow) an economic resource as a result of past events that is not required to be settled within 12 months.

• Current asset

• Non-current asset

• Current liability

• Non-current liability

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

• Owner's Equity

• Revenue

• Expense

• Asset

A present economic resource controlled by an entity as a result of past events that has the potential to produce future economic benefits.

• Owner's Equity

• Revenue

• Expense

• Asset

A present obligation of an entity to transfer (outflow) an economic resource as a result of past events.

• Owner's Equity

• Revenue

• Expense

• Liability

Inflow (reduction in outflow) of economic benefits in the form of an increase in assets (decreases in liabilities) that result in increases in owner’s equity, which arise in the course of ordinary business activities, excluding contributions from the owner.

• Owner's Equity

• Revenue

• Expense

• Asset

Outflow/Losses (reduction in inflow) of economic benefits in the form of a decrease in assets (increase in liabilities) that result in a decrease in owner’s equity, which arise in the course of ordinary business activities, excluding drawings.

• Owner's Equity

• Revenue

• Expense

• Asset