Financial Statement Elements Relating to Income Are Defined in FASB

Financial statement elements relating to income are defined in FASB Concepts Statement 6 as follows:

A) Gains are increases in equity from ongoing major or central operations of an entity.
B) Expenses are outflows of assets or liabilities incurred from peripheral or incidental transactions of an entity.
C) Revenues are inflows or other enhancements of assets or settlements of liabilities from ongoing major or central operations.
D) Losses are all decreases in equity other than from transactions with owners.

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