Statement of Financial Accounting Concepts

Statement of Financial Accounting Concepts
= SFAC
In the USA, any of the reports issued by the Financial Accounting Standards Board to identify the fundamental concepts of financial accounting and reporting. They reflect the objectives of financial statements

Accounting dictionary. 2014.

Игры ⚽ Поможем написать курсовую

Look at other dictionaries:

  • Statement of Financial Accounting Concepts - SFAC — A document issued by the Financial Accounting Standards Board (FASB) covering broad financial reporting concepts. The purpose of the SFAC document is to provide a general overview of accounting concepts, definitions and ideas. It is seen as a… …   Investment dictionary

  • Statement of Financial Accounting Concepts (SFAC) — Verlautbarungsart des ⇡ Financial Accounting Standards Board (FASB). Die Gesamtheit der bisher sieben veröffentlichten SFAC bildet das ⇡ Conceptual Framework des FASB und damit das konzeptionelle Grundgerüst der ⇡ US GAAP …   Lexikon der Economics

  • accounting concepts — accounting principles; = fundamental accounting concepts The basic theoretical ideas devised to support the activity of accounting. As accounting developed largely from a practical base, it has been argued that it lacks a theoretical framework.… …   Accounting dictionary

  • accounting concepts — accounting principles; fundamental accounting concepts The basic theoretical ideas devised to support the activity of accounting. As accounting developed largely from a practical base, it has been argued that it lacks a theoretical framework.… …   Big dictionary of business and management

  • financial accounting — The branch of accounting concerned with classifying, measuring, and recording the transactions of a business. At the end of a period, usually a year but sometimes less, a profit and loss account, a balance sheet, a statement of total recognized… …   Big dictionary of business and management

  • Financial accountancy — (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The… …   Wikipedia

  • objectives of financial statements — The purposes for which the financial statements in the annual accounts and report have been made. It is essential to identify these purposes to determine (a) what information should be provided and (b) how it should be presented. The current… …   Accounting dictionary

  • qualitative characteristics of accounting information — The characteristics that make information in financial reports as useful as possible. The US Financial Accounting Standards Board, in its Statement of Financial Accounting Concepts No. 2, identifies the qualities that are both useful to decision… …   Accounting dictionary

  • accounting — /euh kown ting/, n. 1. the theory and system of setting up, maintaining, and auditing the books of a firm; art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc.… …   Universalium

  • Financial ratio — Corporate finance …   Wikipedia

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”