Tag Archives | FASB’s Conceptual Framework

The following points highlight the four major components of Financial Accounting Standards Board (FASB) in developing conceptual framework. The components are: 1. The Objectives of Financial Reporting 2. The Qualities of Useful Information 3. Elements of Financial Statements 4. Recognition and Measurement. 1. The Objectives of Financial Reporting: The FASB's first Statement of Financial Accounting Concepts (SFAC 1) (1978) identified [...]