List of FASB Statements of Financial Accounting Concepts

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Statements of Financial Accounting Concepts (in short Concepts Statements) are published by Financial Accounting Standards Board (FASB). They are a part of FASB conceptual framework project and set forth 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. There are 7 concepts published to date.


[edit] Concept Statements:

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 Qualitative Characteristics of Accounting Information May 1980 Paragraph 4 and footnote 2 superseded by Concept #6
3. Elements of Financial Statements of Business Enterprises December 1980 Superseded by Concept #6, paragraph 2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 Statement No. 2) December 1985 None
7. Using Cash Flow Information and Present Value in Accounting Measurements February 2000 None


[edit] Statements:

No. Title Issue Date
1. Disclosure of Foreign Currency Translation Information December 1973
2. Accounting for Research and Development Costs December 1972
3. Reporting Accounting Changes in Interim Financial Statements March 1975
4. Reporting Gains and Losses from Extinguishment of Debt March 1975
5. Accounting for Contingencies March 1975
6. Classification of Short-Term Obligations Expected to Be Refinanced May 1975
7. Accounting and Reporting by Development Stage Enterprises June 1975
8. Accounting for the Translation of Foreign Currency Transactions and Foreign Currency Financial Statement October 1975
9. Accounting for Income Taxes: Oil and Gas Producing Companies October 1975
10. Extension of "Grandfather" Provisions for Business Combinations October 1975
....
12. Accounting for Certain Marketable Securities December 1975
45. Accounting for Franchise Fee Revenue March 1981
77. Reporting by Transferors for Transfers of Receivables with Recourse December 1983
87. Employers' Accounting for Pensions December 1985
142. Goodwill and Other Intangible Assets June 2001
144. Accounting for the Impairment or Disposal of Long-Lived Assets August 2001

[edit] External links

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