Define the following concepts according to the new Conceptual Framework:
Assets
Liabilities
Expenses
Income
Assets: An asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity.
Liabilities: A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow of resources embodying economic benefits.
Expenses: Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants.
Income: Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.