The purpose of Statements of Financial Accounting Concepts is to
A) Form a conceptual framework for solving existing and emerging problems.
B) Determine the need for FASB involvement in an emerging issue.
C) Establish GAAP.
D) Modify or extend an existing FASB Accounting Standards Update.

Question

Quizplus · Accepted Answer

The purpose of Statements of Financial Accounting Concepts is to form a conceptual framework for solving existing and emerging problems in financial accounting, not to determine the need for FASB involvement, establish GAAP, or modify or extend an existing FASB Accounting Standards Update.

The Purpose of Statements of Financial Accounting Concepts Is to