The FASB has issued two new chapters to its Conceptual Framework, which is a body of interrelated objectives and fundamentals that provides the FASB with a foundation for setting standards and resolving accounting and reporting questions. The Conceptual Framework is non-authoritative and does not change existing GAAP.

One of the new chapters relates to elements of financial statements to be applied in developing standards for both businesses and not-for-profits. These elements provide a foundation for information that is relevant to the objective of financial reporting and to provide financial information that is relevant to users. The elements to the financial statements are assets, liabilities, equity (net assets), investments by owners, distributions to owners, comprehensive income, revenues, expenses, gains, and losses.   

The second new chapter relates to presentation and identifies factors for the FASB to consider when deciding how items are presented on the financial statements. The FASB will assign priority based on these factors to best meet the objective of financial reporting. These factors include information about the event that caused an item to be recognized, the activity with which an item is associated, similarities and differences in frequency with which similar components of comprehensive income are expected to result in similar future amounts, the expected time and form of realization or settlement of an asset or liability or in certain cases an equity instrument, types of changes in economic conditions that affect cash flows and similarities and differences in measurement methods. 

The full text of the Concepts Statements is available here. 

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