Statements of Financial Accounting Concepts are a part of the FASB conceptual framework project. They set 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. To date, 7 Concept Statements have been issued. See List of Concept Statements at the FASB website for more information.
| No. | 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| 2 | Qualitative Characteristics of Accounting Information | May 1980 | Paragraph 4 and footnote 2 superseded by Concept No. 6 |
| 3 | Elements of Financial Statements of Business Enterprises | December 1980 | Superseded by Concept No. 6, paragraph 2 |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 Statements No. 2 and 3) | December 1985 | None |
| 7 | Using Cash Flow Information and Present Value in Accounting Measurements | February 2000 | None |
Read more about this topic: List Of FASB Pronouncements
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