Revenues are" increase in economic benefit during an accounting period in the form of inflows or enhancements of assets, or decrease of liabilities that result in increases in equity. However, it does not include the contributions made by the equity participants, i.e., proprietor, partners and shareholders.
Expenses are: decrease in economic benefits during an accounting period in the form of outflows, or depletion of assets or incurrence of liabilities that result in decrease in equity.
