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The FASB$$s conceptual framework is a set of cohesive objectives and fundamental concepts on which financial accounting and reporting standards can be based.

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Knowledge Check $01$

Which of the following describe the purpose of the Conceptual Framework?

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It prescribes the nature, function, and limits of financial accounting and reporting.

It prescribes the nature, function, and limits of financial accounting and reporting.

It provides structure and direction to financial accounting and reporting.

It provides structure and direction to financial accounting and reporting.

It sets forth the underlying concepts of accounting that guide the selection of events to be accounted for, the measurement of those events, and the means of summarizing and communicating them to interested parties.

It sets forth the underlying concepts of accounting that guide the selection of events to be accounted for, the measurement of those events, and the means of summarizing and communicating them to interested parties.

It summaries U$.$S$.$ accounting standards.

It summaries U$.$S$.$ accounting standards.