ethics and conceptual framework Free Essay, Term Paper and Book Report
Conceptual Framework
The conceptual framework developed by the FASB is a system of objectives and fundamentals that sets the nature, function, and limitations of financial reporting. This system identifies goals, purposes, and concepts of financial reporting. The system also establishes assistance in selecting transactions and events that must be accounted for, how they are to be measured and reported. The FASBs development of the conceptual framework resulted in seven Concepts Statements. The Concepts Statements cover the following:
The objectives of financial reporting by both business enterprises and nonprofit organizations
The qualitative characteristics of useful accounting information
The elements of financial statements (the definitions of assets, liabilities, revenues, expenses, and so forth)
The criteria for recognizing and measuring those elements
The use of cash flow and present value information in accounting measurements.
These Concepts Statements were first issued in 1985 (Johnson, 2004).
Ethical Considerations of Judgment and Decision Ma......
Word Count: 748
Page Count: 2.9 (250 words a page / double spaced)
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