The elements relating to the performance of an entity/ business are the main element headings that on the statement of income, namely: income and expense.

• Income: the increase in economic benefits during the accounting period as reflected by inflows or increasing value of recognized assets or decreasing value of recognized liabilities that in consequence positively impact equity (result in increased equity). Any increase in equity that comes from contributions from equity holders (or participants) doesn’t constitute a source of income, and as such is dealt with separately.
• Expense: the decrease in economic benefits during the accounting period as reflected by outflows or depletion of assets or increases in liabilities that in consequence negatively impact equity (result in decreased equity). Any decreases in equity that results from distributions to equity holders (or participants) doesn’t constitute an expense, and as such is dealt with separately