Current Attempt in Progress

The following characteristics, assumptions, principles, or constraint guide the FASB when it creates accounting standards.

Relevance

Faithful representation

Comparability

Consistency

Monetary unit assumption

Economic entity assumption

Expense recognition principle

Time period assumption

Going concern assumption

Historical cost principle

Full disclosure principle

Materiality

Identify each item above with a description below.

$$ Ability to easily evaluate one company's results relative to another's.

$$ Requirement that a company will continue to operate for the foreseeable future.