Concepts Statements
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. 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. A Statement of Financial Accounting Concepts does not establish generally accepted accounting standards.
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Concepts Statement No. 8
Conceptual Framework for Financial Reporting—Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information (a replacement of FASB Concepts Statements No. 1 and No. 2)
(Issue Date 9/10)
[As Issued] [Status]
Concepts Statement No. 7
Using Cash Flow Information and Present Value in Accounting Measurements
(Issue Date 2/00)
[As Amended] [As Issued] [Status]
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)
[As Amended] [As Issued] [Status]
Concepts Statement No. 5
Recognition and Measurement in Financial Statements of Business Enterprises
(Issue Date 12/84)
[As Amended] [As Issued] [Status]
Concepts Statement No. 4
Objectives of Financial Reporting by Nonbusiness Organizations
(Issue Date 12/80)
[As Amended] [As Issued] [Status]
Concepts Statement No. 3 (Superseded)
Elements of Financial Statements of Business Enterprises
(Issue Date 12/80)
[As Amended] [As Issued] [Status]
Concepts Statement No. 2 (Superseded)
Qualitative Characteristics of Accounting Information
(Issue Date 5/80)
[As Amended] [As Issued] [Status]
Concepts Statement No. 1 (Superseded)
Objectives of Financial Reporting by Business Enterprises
(Issue Date 11/78)
[As Amended] [As Issued] [Status]