conceptualframework-fall10_Stu

conceptualframework-fall10_Stu -...

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Financial Accounting Information Conceptual Framework Supplement Objectives of FA SFAC #1 Qualitative Characteristics SFAC #2 Elements SFAC #6 Assumptions SFAC #5 Principles SFAC #5 Constraints SFAC #5
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Created by FASB Important because can lead to consistent standards  prescribes the nature, function, and limits within which financial  accounting and reporting operate.  The conceptual framework: Should make it easier to create a comprehensive set of standards  and rules, and  Should help decision makers solve accounting and financial  reporting problems.  Conceptual Framework
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Title Focus of SFAC 1 Objectives of Financial Reporting by  Business Enterprises  objectives of financial reporting  Affirms that investors and creditors are the primary users of financial  information  2 Qualitative Characteristics of  Accounting Information Describes the qualities of information  Presents a hierarchy of the qualities (i.e., their perceived importance)  3 Elements of Financial Statements of  Business Enterprises Now "folded into SFAC No. 6"  4 Objectives of Financial Reporting by  Non-business Organizations Deals with nonbusiness entities such as state and local governments  5 Recognition and Measurement in  Financial Statements of Business  Enterprises Deals with recognition and measurement of financial information  Discusses when the financial statement elements should be recorded in  the books and how they should be measured  6 Elements of Financial Statements Replaces SFAC No. 3  Defines 10 elements of financial statements  Expanded to include both guidance for both profit and not-for-profit  entities.  7 Using Cash Flow Information and  Present Value in Accounting 
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This note was uploaded on 01/22/2012 for the course ACCT 3100 taught by Professor Snow during the Spring '08 term at Toledo.

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conceptualframework-fall10_Stu -...

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