The correct answer is: Profit is not an element of the financial statements.

The Conceptual Framework defines the elements as the broad classes into which the effect of transactions and other events are categorised in the financial statements.

Assets are an element of the financial statements referring to rights or other access to future economic benefits controlled by an entity as a result of past transactions or events.

Liabilities are similar to assets except they are obligations to transfer rather than receive economic benefit.

Equity is the residual interest in the assets of the entity after deducting all its liabilities.