Chapter 2: Conceptual Framework and Standard-Setting Environment

In this section

• FASB, SEC, and Other Standard-Setters (Historical Context and Roles)
  Learn how the FASB, SEC, and other standard-setters influence and shape accounting practices, from their early roots to modern roles in establishing and maintaining GAAP.
• FASB Conceptual Framework (Objectives, Qualitative Characteristics, Elements)
  Explore the FASB Conceptual Framework, focusing on the objectives of financial reporting, qualitative characteristics of useful financial information, and the elements of financial statements, and learn how these concepts guide standard-setting and practical GAAP application.
• Measurement, Recognition, and Disclosure Concepts
  Explore the foundational principles of measurement, recognition, and disclosure in financial accounting under the conceptual framework, covering historical cost, fair value, and consistent application for transparent and meaningful reporting.
• Hierarchy of U.S. GAAP and Researching the Codification
  Explore the authoritative hierarchy of U.S. GAAP and discover how to effectively research the FASB Accounting Standards Codification, complete with practical insights and best practices.