FASB Issues Two New Chapters of Its Conceptual Framework

The FASB has announced the issuance of two new chapters of its Conceptual Framework. The chapters are as follows:

• Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 4, Elements of Financial Statements.
• Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 7, Presentation.

According to FASB Chair Richard Jones, the new chapters “enhance [the FASB’s] Conceptual Framework, which is a tool for the Board to use in setting standards that improve the understandability of information entities provide to existing and potential investors, lenders, donors, and other resource providers.”

For more information, see the press release on the FASB’s Web site.