US GAAP US GAAP Unites States Generally Accepted Accounting Principles Ontology for US GAAP Charles Hoffman, CPA Ontology for US GAAP. 2011-04-15 http://creativecommons.org/licenses/by/3.0/us/ Element Element of a financial statement. FASB Assets Assets SFAC 6 Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Liabilities Liabilities SFAC 6 Probable future sacrifices of economic benefits obtained or controlled by a particular entity as a result of past transactions or events. Equity Equity SFAC 6 Residual interest in the assets of an entity that remain after deducting its liabilities. Called shareholders' equity or stockholders' equity for a corporation, partners' capital for a partnership, or proprietors' interest for a sole proprietorship. Investments by owners Investments by owners SFAC 6 Increases in equity resulting from transfers to it from other entities of something of value to obtain or increase ownership interest in it. Distributions to owners Distributions to owners SFAC 6 Decreases in equity of a particular enterprise resulting from transfers to owners. Revenues Revenues SFAC 6 Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering of services, or other such activities that constitute the entity's ongoing major or central operations. Expenses Expenses SFAC 6 Outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering of services, or other such activities that constitute the entity's ongoing major or central operations. Gains Gains SFAC 6 Increase in equity from peripheral or incidental transactions of an entity. Losses Losses SFAC 6 Decrease in equity from peripheral or incidental transactions of an entity. Comprehensive income Comprehensive income SFAC 6 Change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources. Includes all changes in equity during a period except those resulting from investments by owners or distributions to owners.