![]() ![]() ![]() 2 defines materiality in the context of “the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement.” 2, Qualitative Characteristics of Accounting Information. These projects have officially been removed from the FASB’s active agenda ― for now.Īfter many years of research and debate, the FASB decided to return to the concept of materiality outlined in Statement of Financial Accounting Concepts (CON) No. 3 (incorporating an amendment of FASB Concepts Statement No.On March 21, the Financial Accounting Standards Board (FASB) abandoned plans to 1) amend the definition of “materiality” and 2) give businesses more discretion when determining what to include in their financial statement footnotes. ![]() Objectives of Financial Reporting by Nonbusiness OrganizationsĮlements of Financial Statements-a replacement of FASB Concepts Statement No. Qualitative Characteristics of Accounting InformationĮlements of Financial Statements of Business Enterprises Objectives of Financial Reporting by Business Enterprises Recognition and Measurement in Financial Statements of Business Enterprises ![]() Using Cash Flow Information and Present Value in Accounting Measurements 8-Conceptual Framework for Financial Reporting-Chapter 3, Qualitative Characteristics of Useful Financial InformationĬonceptual Framework for Financial Reporting-Chapter 4, Elements of Financial StatementsĬonceptual Framework for Financial Reporting-Chapter 7, PresentationĬonceptual Framework for Financial Reporting-Chapter 8, Notes to Financial Statements 8-Conceptual Framework for Financial Reporting-Chapter 1, The Objective of General Purpose Financial ReportingĬonceptual Framework for Financial Reporting-Chapter 2, The Reporting EntityĬonceptual Framework for Financial Reporting-Chapter 3, Qualitative Characteristics of Useful Financial InformationĪmendments to Statement of Financial Accounting Concepts No. Financial Accounting Foundation claims no copyright in any portion hereof that constitutes a work of the United States Government.Ĭonceptual Framework for Financial Reporting-Chapter 1, The Objective of General Purpose Financial ReportingĪmendments to Statement of Financial Accounting Concepts No. Content copyrighted by Financial Accounting Foundation, or any third parties who have not provided specific permission, may not be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the Financial Accounting Foundation or such applicable third party. Certain portions may include material copyrighted by American Institute of Certified Public Accountants. If you provide a link to the Concepts Statements, you may not link to the individual Concepts Statements-you must link to this page, so that visitors may understand the requirements and conditions for use of the Concepts Statements as posted at this website.Ĭoncepts Statements available at this website may be used only for individual personal non-commercial purposes-you may print one copy for such use.Ĭopyright © 2023 by Financial Accounting Foundation. You may not store the Concepts Statements on your computer or in any archival system. NOTES ABOUT USING FASB STATEMENTS OF FINANCIAL ACCOUNTING CONCEPTSĪccess to FASB Statements of Financial Accounting Concepts (Concepts Statements) as posted at this website is permitted only through each of the individual links. YOU MUST USE Adobe® Acrobat® Reader® VERSION 5.0 OR HIGHER TO VIEW THE FULL TEXT OF FASB DOCUMENTS BELOW. A Statement of Financial Accounting Concepts does not establish generally accepted accounting standards. Concepts Statements guide the Board in developing sound accounting principles and provide the Board and its constituents with an understanding of the appropriate content and inherent limitations of financial reporting. The FASB Concepts Statements are intended to serve the public interest by setting the objectives, qualitative characteristics, and other concepts that guide selection of economic phenomena to be recognized and measured for financial reporting and their display in financial statements or related means of communicating information to those who are interested. ![]()
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