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US GAAP- Quick Learning module

SFAC

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Till May , 2005 FASB has issued 7 Statement of Financial Accounting Concepts (SFAC) which attempt to organise a framework that serves  as a reference point in formulating SFAS. Thus , SFACs serve as a theoretical framework for the development of Accounting standard and do not constitute authoritative GAAP.

 

Sl

Subject

Issue date

1

Objectives of Financial Reporting by Business Enterprises

November 1978

2

Qualitative Characteristics of Accounting Information

May 1980

3

Superseded by SFAC No. 6

NA

4

Objectives of Financial Reporting by Non business Organizations

December 1980

5

Recognition and Measurement in Financial Statements of Business Enterprises

December 1984

6

Elements of Financial Statements

December 1985

7

Cash flow information and Present value

December 2000

  

@ Copyright -Sanjoy Banka, FCA,FCS ( Calcutta, India)