1999 Statements of Financial Accounting Concepts
The FASB Statements of Financial Accounting Concepts contains the full text of five of the six 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 their display in financial statements. 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
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accepted accounting principles accounting and reporting accounting information accounting principles Accounting Principles Board accrual accounting allocation amounts assessing business enterprises cash flow statements cash flows cash receipts cial commonly components of earnings comprehensive income cost decision makers definitions Discussion Memorandum distributions to owners donor-imposed elements of financial enterprise's entity entity's example expected Exposure Draft external financial reporting Financial Accounting Concepts Financial Accounting Standards financial information financial statements future economic benefit historical cost inflows information provided investors and creditors managers materiality mation measurement ment nonbusiness organizations not-for-profit organizations Objectives of Financial obligations operations organization's paragraph particular period predictions provide information provided by financial purpose external financial qualitative characteristics qualities recognition criteria recognized relevance and reliability reporting by nonbusiness reporting should provide representational faithfulness representationally resource providers restricted net assets result revenues and gains Statement of Financial Statements of Business tion users