Equity Investments This week's discussion comes from CA15-3 in the textbook which is found on page 823, Statement of Financial Accounting Concepts set forth financial accounting and reporting objectives and fundamentals that will be used by the financial accounting standards board in developing standards. Concepts Statement 6 defines various elements of financial statements. Instructions Answer the following questions: Define and discuss the term "equity What financial statement element, other than equity, is typically affected by owner investments and distributions