Common Elements of Financial Statements (MASTER)

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 core elements of a financial statement for this reporting scheme.

Why is this important? See this document.


XBRL files

Four Core Statements

Last updated: 10/4/2019 11:34:03 AM

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