As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the FASB’s Statement of Financial Accounting Concepts No. 1 (CON 1). 

Instructions

Access the FASB Statements of Financial Accounting Concepts at the FASB website ( HYPERLINK "www.fasb.org" www.fasb.org) and respond to the following items. (Provide paragraph citations.) When you have accessed the documents, you can search them using the search tool in your Internet browser.

(a) Find Statement of Financial Accounting Concepts No. 1. List the ways to access it on the FASB site.

(b) According to CON 1, “. . . financial reporting includes not only financial statements but also other means of communicating information.” What other means are there of communicating information?

(c) According to CON 1, “. . . many people base economic decisions on their relationships to and knowledge about business enterprises and thus are potentially interested in the information provided by financial reporting.” Indicate some of the users and the information they are most directly concerned with in economic decision making.