How IASB's Framework Defines The Elements Of Financial Statements?

IASB's Framework defines the elements of statement of financial position & income statement as:

STATEMENT OF FINANCIAL POSITION:

ASSET:

An asset is a resource controlled by the enterprise as a result of past events from which future economic benefits are expected to flow to the enterprise. ( F 49 (a) )

LIABILITY:

A liability is a present obligation of the enterprise arising from the past events, the settlement of which is expected to result in an outflow from the enterprise' resources. ( F 49 (b) )

EQUITY:

Equity is the residual interest in the assets of the enterprise after deducting all the liabilities. ( F 49 (c) )

INCOME STATEMENT:

INCOME:

Income is increases in economic benefits during an accounting period in the form of inflows or enhancement of assets or decrease of liabilities that result in increases in equity, other than those relating to contributions from equity participants. (F 70)

EXPENSES:

Expenses are decreases in economic benefits during an accounting period in the form of outflow or depletions of assets or incurrences of liabilities that result in decreases in equity , other than those relating to distributions to equity participants. (F 70)

NOTE: here equity participants means ( proprietor, partners and shareholders)