Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB Concepts Statement No. 3 Elements of financial statements of business Enterprises (Issue Date 12/80, replaced by No. 6 in 1985) Concepts Statement No 4 Objectives of Financial Reporting by Nonbusiness Organizations (Issue Date 12/80) Continued
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework ➢ Concepts Statement No. 3 Elements of Financial Statements of Business Enterprises (Issue Date 12/80, replaced by No. 6 in 1985) ➢ Concepts Statement No. 4 Objectives of Financial Reporting by Nonbusiness Organizations (Issue Date 12/80) ➢ Continued Statements of Financial Accounting Concepts issued by FASB
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB Concepts statement No. 5 Recognition and Measurement in financial Statements of Business Enterprises Issue Date 12/84) Concepts Statement No 6 Elements of Financial Statements--a replacement of fAsb Concepts Statement No. 3(incorporating an amendment of FasB Concepts Statement No. 2) (Issue Date 12/85) Continued
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB ➢ Concepts Statement No. 5 Recognition and Measurement in Financial Statements of Business Enterprises (Issue Date 12/84) ➢ Concepts Statement No. 6 Elements of Financial Statements—a replacement of FASB Concepts Statement No. 3 (incorporating an amendment of FASB Concepts Statement No. 2) (Issue Date 12/85) Continued
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Statements of Financial Accounting Concepts issued by FASB Concepts statement no. 7 Using Cash Flow Information and present value in Accounting Measurements (Issue Date 2/00)
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework ➢ Concepts Statement No. 7 Using Cash Flow Information and Present Value in Accounting Measurements (Issue Date 2/00) Statements of Financial Accounting Concepts issued by FASB
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual framework and Standard-Setting Process Conceptual Framework Terms Objectives and Concepts Guide the selection of events to u be accounted for. the r Identify goals and measurement of these events and p purpose of accounting the means of summarizing and communicating the information e to external users Statements of financial Continued Documents Accounting Concepts
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process Conceptual Framework Terms Objectives and Concepts Identify goals and purpose of accounting Guide the selection of events to be accounted for, the measurement of these events, and the means of summarizing and communicating the information to external users, P u r p o s e Statements of Financial Accounting Concepts Documents Continued
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process Standard setting F1 rom ObjectiⅤes Standards and Concepts Establish methods and procedures for measuring, summarizing, and communicating financia accounting information to external users Statements of Financial Statements of financial Accounting Concepts Accounting Standards
Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Relationship of Conceptual Framework and Standard-Setting Process Standard Setting From Objectives and Concepts Standards Establish methods and procedures for measuring, summarizing, and communicating financial accounting information to external users. Statements of Financial Accounting Concepts Statements of Financial Accounting Standards