FASB Statements of Financial Accounting Concepts
E454592
U.S. GAAP conceptual framework component
accounting standard-setting document
conceptual framework pronouncement series
FASB Statements of Financial Accounting Concepts are a series of pronouncements issued by the Financial Accounting Standards Board that establish the theoretical foundation and objectives underlying U.S. financial accounting and reporting standards.
All labels observed (1)
| Label | Occurrences |
|---|---|
| FASB Statements of Financial Accounting Concepts canonical | 1 |
Statements (51)
| Predicate | Object |
|---|---|
| instanceOf |
U.S. GAAP conceptual framework component
ⓘ
accounting standard-setting document ⓘ conceptual framework pronouncement series ⓘ |
| alsoKnownAs | SFACs NERFINISHED ⓘ |
| appliesTo |
U.S. financial reporting
ⓘ
general purpose financial statements ⓘ |
| characteristic |
intended to be comprehensive for financial reporting concepts
ⓘ
intended to be internally consistent ⓘ non-authoritative for specific accounting treatments ⓘ provide conceptual guidance rather than detailed rules ⓘ |
| country |
United States of America
ⓘ
surface form:
United States
|
| defines |
elements of financial statements
ⓘ
measurement concepts for financial reporting ⓘ objectives of general purpose financial reporting ⓘ presentation and disclosure concepts ⓘ qualitative characteristics of useful financial information ⓘ recognition criteria for financial statement elements ⓘ reporting entity concept ⓘ |
| firstIssued | 1978 ⓘ |
| governs | development of FASB Accounting Standards Codification ⓘ |
| hasComponent |
Statement of Financial Accounting Concepts No. 1
NERFINISHED
ⓘ
Statement of Financial Accounting Concepts No. 2 NERFINISHED ⓘ Statement of Financial Accounting Concepts No. 3 NERFINISHED ⓘ Statement of Financial Accounting Concepts No. 4 NERFINISHED ⓘ Statement of Financial Accounting Concepts No. 5 NERFINISHED ⓘ Statement of Financial Accounting Concepts No. 6 NERFINISHED ⓘ Statement of Financial Accounting Concepts No. 7 NERFINISHED ⓘ Statement of Financial Accounting Concepts No. 8 NERFINISHED ⓘ |
| influences |
accounting education in the United States
ⓘ
development of corporate financial reporting policies ⓘ |
| issuedBy | Financial Accounting Standards Board NERFINISHED ⓘ |
| language | English ⓘ |
| purpose |
to assist preparers and auditors in understanding the objectives of financial reporting
ⓘ
to assist standard setters in resolving accounting and reporting issues ⓘ to assist users in interpreting financial information ⓘ to establish the theoretical foundation of U.S. financial accounting standards ⓘ to guide the development of future accounting standards ⓘ to improve consistency among accounting standards ⓘ to provide a coherent set of objectives and fundamentals for financial reporting ⓘ |
| relatedTo |
FASB Accounting Standards Codification
NERFINISHED
ⓘ
IASB Conceptual Framework for Financial Reporting NERFINISHED ⓘ U.S. Generally Accepted Accounting Principles NERFINISHED ⓘ |
| scope |
financial reporting by business entities
ⓘ
financial reporting by nonbusiness entities in some concepts ⓘ |
| status | concept-level guidance rather than enforceable standards ⓘ |
| updatedBy | subsequent FASB conceptual framework projects ⓘ |
| usedBy |
FASB board members
ⓘ
accounting standard setters ⓘ auditors ⓘ financial statement preparers ⓘ financial statement users ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.