Proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 4, Elements of Financial Statements seeks to clarify the elements definitions in the following ways except by clearly identifying the right or obligation that gives rise to an asset or a liability. by eliminating terminology that makes the definitions of assets and liabilities difficult to understand and apply. by redefining comprehensive income. by clarifying the distinction between liabilities and equity and between revenues and gains and expenses and losses.