The FASB Concepts Statements are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating information to those who are interested. Concepts Statements guide the Board in developing sound accounting principles and provide the Board and its constituents with an understanding of the appropriate content and inherent limitations of financial reporting. A Statement of Financial Accounting Concepts does not establish generally accepted accounting standards. Show YOU MUST USE Adobe® Acrobat® Reader® VERSION 5.0 OR HIGHER TO VIEW THE FULL TEXT OF FASB DOCUMENTS BELOW. NOTES ABOUT USING FASB STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTSAccess to FASB Statements of Financial Accounting Concepts (Concepts Statements) as posted at this website is permitted only through each of the individual links. You may not store the Concepts Statements on your computer or in any archival system. If you provide a link to the Concepts Statements, you may not link to the individual Concepts Statements—you must link to this page, so that visitors may understand the requirements and conditions for use of the Concepts Statements as posted at this website. Concepts Statements available at this website may be used only for individual personal non-commercial purposes—you may print one copy for such use. COPYRIGHT NOTICECopyright © by Financial Accounting Foundation. All rights reserved. Content copyrighted by Financial Accounting Foundation may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Foundation. Concepts Statement No. 8 Concepts Statement No. 8 Concepts Statement No. 8 Concepts Statement No. 8 Concepts Statement No. 8 Concepts Statement No. 7 Concepts Statement No. 5 Superseded Concepts Statements: Concepts Statement No. 1 (Superseded) Concepts Statement No. 2 (Superseded) Concepts Statement No. 3 (Superseded) Concepts Statement No. 4 (Superseded)
Concepts Statement No. 6 (Superseded) What are the elements of financial statements according to FASB?This chapter defines 10 elements of financial statements: assets, liabilities, equity (net assets), revenues, expenses, gains, losses, investments by owners, distributions to owners, and comprehensive income.
What is contained in the FASB conceptual framework?The Conceptual Framework (or “Concepts Statements”) is a body of interrelated objectives and fundamentals. The objectives identify the goals and purposes of financial reporting and the fundamentals are the underlying concepts that help achieve those objectives.
What are the 5 elements of financial statements?The main elements of financial statements are as follows:. Assets. These are items of economic benefit that are expected to yield benefits in future periods. ... . Liabilities. These are legally binding obligations payable to another entity or individual. ... . Equity. ... . Revenue. ... . Expenses.. What are FASB concepts statements?The FASB Concepts Statements are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating ...
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