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 ...

FASB's conceptual framework contains a set of interrelated objectives and fundamentals to provide the board with a useful tool as it sets standards. A Statement of Financial Accounting Concepts is ...

The recognition and measurement part of the conceptual framework, found in SFAC 5, describes what constitutes a full set of financial statements, required components of each financial statement ...

2018 is looking to be a busy year as far as financial reporting changes are concerned. There will be two major new standards adopted this year -- one for revenue recognition and another one for ...