Statement of Financial Accounting Concepts - SFAC

Statement of Financial Accounting Concepts - SFAC
A document issued by the Financial Accounting Standards Board (FASB) covering broad financial reporting concepts. The purpose of the SFAC document is to provide a general overview of accounting concepts, definitions and ideas. It is seen as a prelude to the statement of financial accounting standards.

FASB tends to be the major user of the SFAC and as a result it may be amended, superseded or withdrawn by it. The statement of financial accounting concepts details future concepts that may be used to develop accounting standards. The SFAC is used as a blueprint for the future development of reporting policy and procedures.


Investment dictionary. . 2012.

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  • Statement of Financial Accounting Concepts (SFAC) — Verlautbarungsart des ⇡ Financial Accounting Standards Board (FASB). Die Gesamtheit der bisher sieben veröffentlichten SFAC bildet das ⇡ Conceptual Framework des FASB und damit das konzeptionelle Grundgerüst der ⇡ US GAAP …   Lexikon der Economics

  • Statement of Financial Accounting Concepts — SFAC In the USA, any of the reports issued by the Financial Accounting Standards Board to identify the fundamental concepts of financial accounting and reporting. They reflect the objectives of financial statements …   Accounting dictionary

  • SFAC — Abk. für ⇡ Statement of Financial Accounting Concepts …   Lexikon der Economics

  • SFAC — Abbreviation for Statement of Financial Accounting Concepts …   Accounting dictionary

  • Conceptual Framework — Das C.F. des ⇡ Financial Accounting Standards Board (FASB) bildet das allgemeine, übergeordnete Rechnungslegungssystem der United States Generally Accepted Accounting Principles (⇡ US GAAP). Nachdem die Versuche der Vorgängerorganisationen des… …   Lexikon der Economics

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