Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Questions - Page 22: 15


Normally, FASB issues accounting pronouncements through these updates and amend the Accounting Standards Codification and explains on how the codification had been amended and also include information to help the reader deeply understand the changes and when those changes start to be effective. On the other hand, the Statements of Financial Accounting Concepts are part of the FASB's conceptual framework project. It sets forth a set of interrelated concepts, a conceptual framework that serves as tools for solving existing and emerging problems in a consistent way.

Work Step by Step

Notably, The Statements of Financial Accounting Concepts do not establish GAAP like a Statement of Financial Accounting Standards.
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