GASB Issues ED on Concepts Statement Related to Elements of Financial Statements

Loyd, D. Scot; Crawford, Michael A.
September 2006
Governmental GAAP Update Service;9/30/2006, Vol. 6 Issue 18, p1
Trade Publication
The article reports on the issuance of the Exposure Draft (ED) by the U.S. Governmental Accounting Standards Board on a proposed Concepts Statements titled "Elements of Financial Statements" on August 14, 2006. Concept Statements are designed to provide a conceptual framework that can be used as basis for creating consistent financial reporting standards. The article also presents the multiple purposes of Concept Statements and the proposed definitions for 7 elements of financial statements.


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