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Financial Accounting

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FASB's Conceptual Framework - Fun Facts

FINACT-KGONP5

Which of the following statements regarding FASB's Conceptual Framework are TRUE?

Select ALL that may apply.

A

It is intended to be used as a guide for the development of Generally Accepted Accounting Principles (GAAP).

B

It helps ensure that GAAP rules are consistent and in combination provide a cohesive "big picture" for the accounting profession.

C

It organizes all exiting GAAP into a "one stop shop" for accountants to reference.

D

It is considered to be GAAP.

E

It has been established through the issuance of FASB Statements of Financial Accounting Concepts (SFAC)s.

F

It proclaims the primary users of financial statements as tax regulators.