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FASB Framework

Conceptual framework for accounting, presented by FASB

TermDefinition
Decision Usefulness The ability of the information to be useful in decision making
Relevance Providing confirmatory value and/or predictive value
Faithful Representation Accounting information that is complete, neutral, and free from errors
Materiality The impact of financial accounting information on investor and creditor decisions. ex: recording a minor purchase as an expense, even if it may be considered an asset, in order to maintain relevance
Completeness Including all necessary information for an accurate representation of the activity reported
Neutrality Remaining unbiased when accounting, especially when making changes, to prevent elements or businesses from being targeted through reporting
Free from Error Reported amounts reflecting the best information available
Comparability The ability of users to see similarities and differences between two business activities
Consistency The use of similar accounting procedures either over time for the same companies or across companies at the same point in time
Verifiability Consensus among different measures
Timeliness Making information available to users early enough to allow them to use it in the decision-making process
Understandability The ability for users to understand the information within the context of the decision they are making
Cost Constraint A natural limit on reporting financial information, generally because benefits outweigh the risks
Economic Entity Assumption Assuming we can identify all economic events with a particular economic entity
Monetary Unit Assumption Assuming we use the same unit or scale of measurement throughout a financial statement
Periodicity Assumption Dividing the economic life of an enterprise into artificial time periods
Going Concern Assumption In the absence of information to the contrary, a business entity will continue to operate indefinitely
Historical Cost Principle Measuring assets based on their original costs
Created by: Natticus
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