Standard setting, the Codification and the conceptual framework

This lesson is part of the full course.

In it you will learn to:

• Identify who sets accounting standards for business entities, not-for-profits, governments and SEC registrants
• Navigate the FASB Accounting Standards Codification by Topic, Subtopic, Section and Paragraph
• Explain the objective of general purpose financial reporting and the qualitative characteristics of useful information
• Apply the conceptual definitions of the elements and the three recognition criteria to an item
• Distinguish entry-price and exit-price measurement, and accrual from cash-basis reporting