Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events.

• Probable future sacrifice of economic benefits arising from present obligations of a particular entity to transfer assets or provide services to other entities in the future as a result of past transactions or events.
• When to book a liability? depends on what is probable and what is measurable.

Residual interest in the assets of an entity that remains after deducting its liabilities. In a business enterprise, the equity is the ownership interest.

Increases in net assets of a particular enterprise resulting from transfers to it from other entities of something of value to obtain or increase ownership interests (or equity) in it. Assets are most commonly received as investments by owners, but that which is received may also include services or satisfaction or conversion of liabilities of the enterprise.

Decreases in net assets of a particular enterprise resulting from transferring assets, rendering services, or incurring  liabilities by the enterprise to owners. Distributions to owners decrease ownership interests (or equity) in an enterprise.

Change in equity (net assets) of an entity during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

• Inflows or other enhancement of assets of an entity during a period from delivering or producing goods, rendering serviices, or other activities that constitute the entity's ongoing major or central operations.
• Should be recognized when it has been earned and virtually all the effort has been expended
• Should be recognized when it has been realized (converted into cash) or realizable.

Outflows or other using up of assets or incurrences of liabilities (or a combination of  both) during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major or central operations.

Increases in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and cicumstances affecting the entity during a period except those that result from  revenues or investments by owners.

Decreases in equity (net assets) from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity during a period except those that result from  expenses or distributions to owners.