BMGT 310 Lecture Notes - Lecture 2: Finished Good, Authorised Capital, Asset

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 310
• Professor: Handwerger

Document Summary

To develop a coherent set of standards and rules. To solve new and emerging practical problems. A conceptual framework underlying financial accounting is important because it can lead to consistent standards and it prescribes the nature, function, and limits of financial accounting and financial statements. Fundamentals are the underlying concepts of accounting that guide the selection of events to be accounted for the measurement of these events the means of summarizing and communicating them to interested parties. The fasb disseminates this framework through statements of financial accounting concepts (sfacs) Since 1976 fasb has issued seven statements of financial accounting concepts (sfac) for business enterprises. The fasb and the iasb are working on a joint conceptual framework project. The first phase of the project resulted in the issue of sfac 8 in 2010 which replaces. Sfac no. 1 - objectives of financial reporting (superseded by sfac no. Sfac no. 2 - qualitative characteristics of accounting information. (superseded by sfac no.