General Principles (Topic 105)

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FASB Accounting Standards Codification topic U.S. GAAP authoritative guidance

General Principles (Topic 105) is the foundational section of the FASB Accounting Standards Codification that outlines overarching concepts and guidance for applying U.S. GAAP across all topics.

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General Principles (Topic 105) canonical 1

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Statements (48)

Predicate Object
instanceOf FASB Accounting Standards Codification topic ⓘ
U.S. GAAP authoritative guidance ⓘ
appliesTo all entities that prepare financial statements in conformity with U.S. GAAP ⓘ
for-profit entities ⓘ
not-for-profit entities ⓘ
private companies ⓘ
public business entities ⓘ
clarifies that SEC guidance is authoritative for SEC registrants in addition to the Codification ⓘ
that entities should not analogize to SEC guidance if they are not SEC registrants unless permitted ⓘ
that guidance outside the Codification is nonauthoritative unless specifically made authoritative ⓘ
that in the absence of directly applicable guidance, entities may consider nonauthoritative sources ⓘ
that nonauthoritative guidance cannot conflict with authoritative GAAP ⓘ
covers the authoritative status of the FASB Accounting Standards Codification ⓘ
the concept of authoritative versus nonauthoritative guidance ⓘ
the concept of materiality in applying GAAP ⓘ
the hierarchy of U.S. GAAP ⓘ
the interaction between general guidance and more specific topic-level guidance ⓘ
the need for professional judgment in applying GAAP ⓘ
the objective of general purpose financial reporting under U.S. GAAP ⓘ
the relationship between the Codification and SEC guidance for public entities ⓘ
the requirement to apply GAAP based on the substance of transactions ⓘ
the requirement to consider all relevant guidance within the Codification ⓘ
the treatment of industry-specific guidance within the Codification ⓘ
the use of analogies to other GAAP when specific guidance is not available ⓘ
the use of the FASB Accounting Standards Codification as the single source of authoritative nongovernmental U.S. GAAP ⓘ
defines U.S. GAAP for nongovernmental entities as contained in the FASB Accounting Standards Codification ⓘ
governs how preparers should navigate and interpret the Codification ⓘ
the use of general versus specific guidance in the Codification ⓘ
hasCodificationNumber 105 ⓘ
hasScope all nongovernmental entities applying U.S. GAAP ⓘ
hasTitle Generally Accepted Accounting Principles NERFINISHED ⓘ
isIssuedBy Financial Accounting Standards Board NERFINISHED ⓘ
isPartOf FASB Accounting Standards Codification NERFINISHED ⓘ
isUsedBy accounting educators and students ⓘ
auditors ⓘ
financial statement preparers ⓘ
regulators ⓘ
jurisdiction United States of America ⓘ
surface form: United States
provides guidance that applies across all Codification topics unless specifically overridden ⓘ
overarching concepts for applying U.S. GAAP ⓘ
relatesTo Conceptual Framework for Financial Reporting NERFINISHED ⓘ
SEC guidance for public business entities ⓘ
states that entities must apply GAAP consistently from period to period ⓘ
that the Codification is organized by topic, subtopic, section, and paragraph ⓘ
that the Codification is the primary research source for U.S. GAAP ⓘ
that the objective of financial reporting is to provide decision-useful information to investors, creditors, and other users ⓘ
supports comparability of financial statements prepared under U.S. GAAP ⓘ
consistent application of U.S. GAAP across different topics ⓘ

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FASB Accounting Standards Codification → hasComponent → General Principles (Topic 105) ⓘ