Financial statement elements from the conceptual framework. The financial accounting standards board fasb is a private non profit organization standard setting body whose primary purpose is to establish and improve generally accepted accounting principles gaap within the united states in the publics interest. Auditing assurance. 1 june 2015 applying ifrs iasb issues the conceptual framework exposure draft contents what you need to know the iasb has proposed revisions to its conceptual framework.
The international auditing and assurance standards board sets high quality international standards for auditing assurance and quality control that strengthen public confidence in the global profession. Chan abstract in the current global revolution in government accounting international public. This statement addresses financial accounting and reporting for business combinations and supersedes apb opinion no16 business combinations and fasb statement no.
The iasbs conceptual framework for financial reporting. Business combinations issued 601 summary. The securities and exchange commission sec designated the fasb as the organization responsible for setting accounting standards for.
2 conceptual framework for financial reporting objectives 36 21 why a conceptual framework. International public sector accounting standards. The objective of this project is to develop recognition criteria for whether information should be reported in state and local governmental financial statements and when that information should be reportedthis project ultimately will lead to a concepts statement on recognition of elements of financial statements.
36 22 iasb framework for the preparation and presentation of financial statements 37 221 the objective of financial statements 38. Gfoa best practices identify specific policies and procedures that contribute to improved government management.