Question

I want to discuss the FASB's conceptual framework. Let's start with this: what is the FASB's conceptual framework? Why should we care?

What specific items are in this framework that might be of use to us as practitioners?

what specifically within the framework might be of use to us as practitioners? Pei mentioned SFAC 8 -- anything else as we let our eyes run through the various sections of the framework?

I would like for us to look at Concept Statement 6 -- the elements of financial statements -- and see what we can glean from it.

please shore answer

Answer 1

The Conceptual Framework, the Financial Accounting Standards Board, is one of the related objectives and fundamental objectives. The principles understand the purpose and purpose of financial reporting, and the basic principles are the underlying concepts that help to achieve those objectives. When considering events and situations from that concept, they provide detailed guidance on how to identify, measure, summarize, and report.

This does not seem to affect live studies. But the existing generally accepted accounting principles do not change. Because of its impact in the development of new financial accounting standards, the framework has an impact on timely study.

The FASB provides the framework for setting the standard for financial accounting standards boards to be used as a tool for solving and reporting questions. FASB workers are guided smoothly. Which provides guidance to the FASB in developing explanations of issues considered by the FASB, as well as recommendations for developing accounting standards. As a result, those concepts form an important part of the FASB's discussion and decision-making about standards.

The basic rationale for Jay is to consider the merits of complex financial accounting or the solution of reporting a problem. Not all such answers provide, but the framework does an alternative range assessment by eliminating some that seem inconsistent. Through it, what is called 'property'? A more efficient contribution to the standardization process is avoided by the need to redistribute such fundamental problems.