 I will be live in the shaitanir regime, Bismillahir Rahmanir Rahim. Elements of financial statements, here what includes in the financial statements, all those three main statements, what is include in those statements, that is the elements. Now elements of financial statements, measurement of financial position, we have assets, we have liabilities, we have equity, they are the three main major items. Now in assets we have property, plant and equipment. Property, plant and equipment previously we used to call it fixed assets, they are not for sale but they are utilized in the process of producing goods and services or rendering services. And then we have land and building, we have plant and equipment, we have office equipment, we have office furniture, we have vehicles and so on. They are all for property, plant and equipment are other fixed assets. We have some research expense also. Research expense, although they are charged to income statement, if they are basics but if they are development stage then it is also a part of property, plant and equipment. Now then we have the current assets. In current assets normally we have stores and spares, we have stock and trade, we have receivables, we have advances if we have given to our employees or to our even some time to greater creators also. So and then we have at the end cash and cash equivalents. We have some time investment also. Long term investment should be up in the non-current and current investment should be in the current assets. So these current assets are which are normally moving from business. They are coming, going, coming, going. They are generating and they are paying paid or they received. Now liabilities again, we have long term liabilities. If we have borrowed let's say for 10 years, we have issued bonds or we have let's say leases and all these are liabilities but they are long term. Here we pay interest on it. Normally we pay interest on these long term liabilities. Then we have current liabilities. Current liabilities are again which is payable within say in a month's time or maybe in a maximum in a year's time. Equity is a share capital and part of the retained profits if we are maintaining. When measuring the performance, we have the income and expense. Here we have revenues. Again, there is a standard, whole standard on how to recognize the revenue, how to record the income. Income does not meet profit here. Let me tell you. Here income means the revenues and expense incurred to generate that revenue. Now the income and expense they are two main words but there are two more words here and that is gain or losses as well. Recognition criteria is it is probable that any future economic benefit associated with the item will flow to or flow from the entity. Any item which bring you some inflow in future or outflow in future so that is the criteria that should be recorded in the statements. The item has a cost or value that can be measured and reliability. Now it's very important. The cost includes whatever you spend to bring something into your organization, into your use. It's not simply let's say if you buy a car. So what you pay for the car that is one thing. Then you need to let's say put some accessories into it so that also become a part of the car. So the total cost. Similarly, if you buy let's say if you import something it's not only what you pay to the supplier but all duties and taxes you pay transportation you pay insurance is you pay is part of the cost. In fact the word cost is an elusive term different people have different meanings to it. Some people says we have no cost but let me tell you each and everything has a cost. It's very important and then it should be measured and rely with reliability. That cost can be calculated with reliability that this is the cost. In fact it's not just saying that we just say this is the only cost. No if an asset is going to be bought unless it starts giving you the commercial production all cost incurred is part of the cost. Now let's let me give you the definition of assets. Asset and is a defined as a resource controlled by the entity. Imagine the word is controlled that you have the in charge of it. You can make use of it the way you want it. By the entity as a result of past event the second thing is the past event. You have bought it. You have already bought it and from which future economic benefits are expected to flow through the entity. By using these assets you will make some money out of it. Use some benefits out of it. So an asset is basically that you have the control it is fast events and then it brings you the some inflows. Liability is defined as a present obligation. You know obligation means your responsibility that you have to pay of the entity arising from again past events. The settlement of which is expected to result in outflow. Liability means that you have to pay off. Sooner or later you have to pay which is expected to result in outflow from the entity of resources embodying economic benefits. You know we use assets we let's say we borrow money so we are using some bodies money. So it economic benefits coming to us but on the other hand we are paying back the lower as well as the interest. So that's our liability. Equity is the residual interest in the assets of the company after deducting all of its liabilities. Basically this is called balance sheet equation. Total assets are equal to liability plus equity. So if you just change it equity is equal to assets minus liability. So what is remaining that belongs to the owner. Total assets are not for the owners only what is left that is the net asset we call it. So that is the equity. Now the revenue inflows during the period from delivering goods renting services other activities. Now we are not simply buying and selling. We are manufacturing also. So we are buying material we are converting them into finished goods then we are selling them. So all these after putting all those resources then we sell it. So that is revenue basically by buying or selling. Then the rendering of services. We as a consultant render service. So we are earning. Similarly some companies have their projects rendering services providing services. So there are these revenues for that company. Similarly there are like royalties that is also revenues. Then we have expenses outflow during the period on producing and services required other activities. Gain increase in equity due to incidental transaction. Not usual but it happens sometime that you sold something and you got some money out of it. Losses decrease in equity due to incidental transactions. It happens also sometime you incur losses too. So that is also part of the elements of financial statements. Thank you very much.