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As a newly enrolled accounting major, you are anxious to betterunderstand accounting institutions and sources of accountingliterature. As a first step, you decide to explore the FASBConceptual Framework.
Instructions
Go to the FASB website, http://www.fasb.org, to access the FASBConcepts Statements. When you have accessed the documents, you canuse the search tool in your Internet browser to respond to thefollowing items. (Provide paragraph citations.)
(a) What is the objective of financial reporting?
(b) What other means are there of communicating information,besides financial statements?

(c) Indicate some of the users and the information they are mostdirectly concerned with in economic decision-making.

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Hubert Koch
Hubert KochLv2
28 Sep 2019

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Go to the FASB website and access the FASB Concepts Statementsand use the IASB website to respond to the following items.(Provide paragraph citations.) When you have accessed thedocuments, you can use the search tool in your Internet browser.Explain how "materiality" is defined by both FASB and IASB. Theconcepts statements provide several examples in which specificquantitative materiality guidelines are provided to firms. Identityat least two of these examples. Do you think the materialityguidelines should be quantified? Why or why not? The conceptsstatements discuss the concept of "articulation" between financialstatement elements. Briefly summarize the meaning of this term andhow it relates to an entity's financial statements

Write a 1,050- to 1,400-word paper that addresses the followingscenario and questions: Your aunt recently received the annualreport for a company in which she has invested. The report notesthat the statements have been prepared in accordance with"generally accepted accounting principles." She has also heard thatcertain terms have special meanings in accounting relative toeveryday use. She would like you to explain the meaning of termsshe has come across related to accounting. Go to the FASB websiteand access the FASB Concepts Statements and use the IASB website torespond to the following items. (Provide paragraph citations.) Whenyou have accessed the documents, you can use the search tool inyour Internet browser. Explain how "materiality" is defined by bothFASB and IASB. The concepts statements provide several examples inwhich specific quantitative materiality guidelines are provided tofirms. Identity at least two of these examples. Do you think themateriality guidelines should be quantified? Why or why not? Theconcepts statements discuss the concept of "articulation" betweenfinancial statement elements. Briefly summarize the meaning of thisterm and how it relates to an entity's financial statements.

Your aunt recently received the annual report for a company inwhich she has invested. The report notes that the statements havebeen prepared in accordance with “generally accepted accountingprinciples.” She has also heard that certain terms have specialmeanings in accounting relative to everyday use. She would like youto explain the meaning of terms she has come across related toaccounting.

Instructions

Go to http://www.fasb.org and access the FASB ConceptsStatements and respond to the following items. (Provide paragraphcitations.) When you have accessed the documents, you can use thesearch tool in your Internet browser.

(a) How is “materiality” defined in theconceptual framework?

(b) The concepts statements provide severalexamples in which specific quantitative materiality guidelines areprovided to firms. Identity at least two of these examples. Do youthink the materiality guidelines should be quantified? Why or whynot?

(c) The concepts statements discuss the conceptof “articulation” between financial statement elements. Brieflysummarize the meaning of this term and how it relates to anentity’s financial statements.

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