Statement of Financial Accounting Concepts (SFAC)
A document issued by the Financial Accounting Standards Board (FASB) covering broad financial reporting concepts. The purpose of the SFAC document is to provide a general overview of accounting concepts, definitions and ideas. It is seen as a prelude to the statement of financial accounting standards. Investopedia Says:
FASB tends to be the major user of the SFAC and as a result it may be amended, superseded or withdrawn by it. The statement of financial accounting concepts details future concepts that may be used to develop accounting standards. The SFAC is used as a blueprint for the future development of reporting policy and procedures. Related Terms:
Auditor's Report
Financial Accounting Standards Board - FASB
Generally Accepted Accounting Principles - GAAP
Generally Accepted Auditing Standards - GAAS
Income Statement
International Accounting Standards - IAS
Net Income - NI |