this is from my accounting class...
2006-09-21 12:18:56 · 1 answers · asked by taceysay02@sbcglobal.net 3 in Education & Reference ➔ Higher Education (University +)
The conceptual framework consists of six Statements of Financial Accounting Concepts (SFAC) comprising a set of objectives, characteristics of information (SFAC 2) principles (SFAC 5) constraints (SFAC 2), and elements (SFAC3, 6) that are meant to help the rule makers (Financial Accounting Standards Board [FASB] develop good financial accounting standards. Understanding the conceptual framework should also help information providers (management and accountants) to provide "good" information in cases where no official rules have been developed.
Businesses and accountants (and a lot of other people) spend lots of time and money on preparing annual reports, press conferences, press releases, briefings for financial analysts, etc. All of this is supposed to provide information.
2006-09-21 13:07:38 · answer #1 · answered by J 4 · 1⤊ 0⤋