The elements of financial statements are the building blocks with which financial statements are constructed; the classes of items that financial statements comprise. The items in the financial statements of an economic entity represent in words and numbers certain entity resources, claims to those resources, and the effects of transactions and other events and circumstances that result in changes in those resources and claims.
These classes of building blocks are intentionally interrelated mathematically within the four core statements that make up a financial report; this is called 'articulation'. Intermediate components, i.e. subtotals, can be used to represent the items of an economic entity within a financial report. However, these intermediate components and the items must fit into the core framework of the elements of a financial report.
This page sumarizes information related to the elements of a financial statement by the FASB in SFAC 6 for US GAAP.