Conceptual Framework The conceptual framework developed by the FASB is a system of objectives and fundamentals that sets the nature, function, and limitations of financial reporting. This system identifies goals, purposes, and concepts of financial reporting. The system also establishes assistance in selecting transactions and events that must be accounted for, how they are to be measured and reported. The FASB�s development of the conceptual framework resulted in seven �Concepts Statements.� The Concepts Statements cover the following: � The objectives of financial reporting by both business enterprises and nonprofit organizations � The qualitative characteristics of useful accounting information � The elements of financial statements (the definitions of assets, liabilities, revenues, expenses, and so forth) � The criteria for recognizing and measuring those elements � The use of cash flow and present value information in accounting measurements. These Concepts Statements were first issued in 1985 (Johnson, 2004). Ethical Considerations of Judgment and Decision Making �......

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