Statements of Financial Accounting Concepts: Accounting Standards as of June 1, 2002
The FASB Statements of Financial Accounting Concepts contains the full text of the seven Statements of Financial Accounting Concepts issued to date. The existing concepts are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic events to be recognized and measured for financial reporting. Unlike a Statement of Financial Accounting Standards, a Statement of Financial Accounting Concepts does not establish Generally Accepted Accounting Principles.
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elements of financial statements and their recognition measurement and display
The Central Role of Decision Making 27 31
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accepted accounting principles accounting and reporting accounting information Accounting Measurements Accounting Principles Board accrual accounting allocation amortization amount assessing asset or liability assets and liabilities business enterprises cash flow statements cash receipts changes comprehensive income costs definitions Discussion Memorandum distributions to owners effects elements of financial enterprise's entity's equity example expected cash flow expenses Exposure Draft external financial reporting fair value FASB Concepts Statement FASB Statement Financial Accounting Concepts Financial Accounting Standards financial information financial statements fresh-start measurement future cash flows future economic benefit historical cost information provided interest rate managers materiality nonbusiness organizations not-for-profit organizations Objectives of Financial obligations organization's paragraph period present value provide information provided by financial purpose external financial qualitative characteristics qualities recognized relevance and reliability reporting by nonbusiness reporting should provide representational faithfulness resource providers restricted net assets result Statement of Financial Statements of Business uncertainty users