The FASB has issued proposed Statement of Financial Accounting Concepts,
Concepts Statement No. 8, Conceptual Framework for Financial Reporting —
Chapter 4, Elements of Financial Statements. The proposal clarifies and
defines 10 elements of financial statements:
Equity (net assets).
Investment by owners.
Distributions to owners.
Comments on the proposal are due by November 13, 2020. For more information, see the
press release and FASB in Focus on the FASB’s Web site.