However, understanding the objectives of generally accepted accounting principles, or GAAP, ... The creation of accounting standards takes place within the conceptual framework of accounting.

The Conceptual Framework offers a set of interrelated objectives and fundamentals that provides FASB with a useful tool as it sets standards. A Statement of Financial Accounting Concepts is ...

In contrast to the case of comprehensive income, included in the conceptual framework in 1980 but not part of GAAP until 1997, FASB has already used Concepts Statement no. 7 principles in two exposure ...

Chapter 5 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, describes the recognition and derecognition criteria and guidance for when an item should be incorporated into ...