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.

YOU MUST USE Adobe® Acrobat® Reader® VERSION 5.0 OR HIGHER TO VIEW THE FULL TEXT OF FASB DOCUMENTS BELOW.
(Download Free Acrobat Reader)

Notes About Using FASB Statements of Financial Accounting Concepts

Access to FASB Statements of Financial Accounting Concepts (Concepts Statements) as posted at this website is permitted only through each of the individual links. You may not store the Concepts Statements on your computer or in any archival system. 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.

Copyright Notice

FASB Statements of Financial Accounting Concepts (Concepts Statements) are copyrighted by the Financial Accounting Foundation, 401 Merritt 7, Norwalk, Connecticut 06856. All rights reserved.   Concepts Statements available at this website may be used only for individual personal non-commercial purposes—you may print one copy for such use. No part of the Concepts Statements as available at this website may be further 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.

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]