1- What are the major changes between Statement of Financial Accounting Concept 2 and Statement of Financial Accounting Concept 8, which superseded Statement of Financial Accounting Concepts 1 and 2?  The SFACs are on Blackboard under Course Content.

2-Discuss the current operating performance concept of income and the all-inclusive concept of income.  Is comprehensive income consistent with either of the two?  Discuss why or why not.

Answer rating: 100% (QA)

1 The major changes between Statement of Financial Accounting Concepts SFAC 2 and SFAC 8 include a Scope and Purpose SFAC 2 primarily focused on the objectives of financial reporting and the qualitati... View the full answer