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Non-Authoritative Concept Statements. The non-authoritative 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 ...
The FASB establishes and improves standards of financial accounting and reporting that foster financial reporting by nongovernmental entities that provides decision-useful information to investors and other users of financial reports.
The FASB makes publicly available the authoritative standards that it has issued, as well as the standards issued by its predecessors (the Accounting Principles Board and the Committee on Accounting Procedure).
The FASB Accounting Standards Codification® (FASB Codification) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content.
Additionally, the FASB has issued two Accounting Standards Updates (ASUs) that specifically pertain to not-for-profits: Not-for-Profit Financial Statements and Grants and Contracts.
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 develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports.
Cross Reference report and archive to locate and access legacy standards; Various Printing options, including printer-friendly utility for viewing source references; Archive feature for accessing any previous version of the content; Glossary term display feature for quickly viewing definitions; What’s New feature for accessing recently issued ...
The FASB staff is guided by pertinent concepts that might provide guidance in developing its analysis of issues for consideration by the FASB, as well as in making its recommendations to the FASB when developing accounting standards.
The new guidance simplifies and improves how not-for-profit entities classify net assets as well as the information presented in financial statements and notes about liquidity, financial performance, and cash flows.