Which of the following types of pronouncements are intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting?
A) Statements of Concepts
B) Statements of Financial Accounting Standards
C) APB Opinions
D) Accounting Standards Updates

Question

Quizplus · Accepted Answer

Statements of Concepts are intended to establish the objectives and concepts that the FASB will use in developing standards of financial accounting and reporting. Statements of Financial Accounting Standards provide specific guidance on accounting and reporting standards, APB Opinions are the opinions of the Accounting Principles Board which was replaced by the FASB, and Accounting Standards Updates amend or update the guidance provided in previous accounting standards.

Which of the Following Types of Pronouncements Are Intended to Establish