What is the Basis for Conclusions? Where can the Basis for Conclusions be found for U$.$S$.$ GAAP?

A$.$ The FASB includes a section in most of their pronouncements referred to as the Basis for Conclusions $($BC$),$ which are discussions of the Board's reasoning and thought

processes as they created the standard. The BCs are included directly in the Internal Revenue Code $($IRC$).$

B$.$ The ISA includes a section in most of their pronouncements referred to as the Basis for Conclusions $($BC$),$ which are discussions of the Board's reasoning and thought

processes as they created the standard. The BCs are considered authoritative, and they are very useful in understanding the thought processes of the boards and thus

the substance of the standard. The BCs are not included in the Codification, but can be found in the Accounting Standards Updates or the Statements of Financial

Accounting Standards themselves.

C$.$ The FASB includes a section in most of their pronouncements referred to as the Basis for Conclusions $($BC$),$ which are discussions of the Board's reasoning and thought

processes as they created the standard. The BCs are not considered authoritative, but they are very useful in understanding the thought processes of the boards and

thus the substance of the standard. The BCs are not included in the Codification, but can be found in the Accounting Standards Updates or the Statements of Financial

Accounting Standards themselves. Conversely, the BCs are included directly in the International Accounting Standards and International Financial Reporting Standards.

D$.$ U$.$S$.$ GAAP includes a section in their policies referred to as the Basis for Conclusions $($BC$),$ which are discussions of why the accounting policy was created. The BC$\text{'}$s

are included in the codification and can be found in the Accounting Standelys Updates and the Statements of Financial Accounting Standards.