FASB Statements of Financial Accounting Concepts

From Wikicpa

Statements of Financial Accounting Concepts (in short Concepts Statements) are published by Financial Accounting Standards Board (FASB). They are a part of FASB conceptual framework project and set forth fundamental objectives and concepts that FASB will use in developing future U.S. generally accepted accounting principles (GAAP). However, they are not a part of the US GAAP. There are 7 concepts published to date.

Number	Title	Issue Date	Changes
1	Objectives of Financial Reporting by Business Enterprises	November 1978	None
2	Qualitative Characteristics of Accounting Information	May 1980	Paragraph 4 and footnote 2 superseded by Concept #6
3	Elements of Financial Statements of Business Enterprises	December 1980	Superseded by Concept #6, paragraph 2
4	Objectives of Financial Reporting by Nonbusiness Organizations	December 1980	None
5	Recognition and Measurement in Financial Statements of Business Enterprises	December 1984	None
6	Elements of Financial Statements replacement of FASB Concepts Statement No. 3 (incorporating an amendment of FASB Concepts Statement No. 2)	December 1985	None
7	Using Cash Flow Information and Present Value in Accounting Measurements	February 2000	None