Main Content
Lesson 1: Conceptual Framework
Statements of Financial Accounting Concepts (SFAC)
| SFAC | Description | Superseded |
|---|---|---|
| SFAC 1 | "Objectives of Financial Reporting by Business Enterprises" | Yes, replaced by SFAC 8 |
| SFAC 2 | "Qualitative Characteristics of Accounting Information" | Yes, replaced by SFAC 8 |
| SFAC 3 | "Elements of Financial Statements of Business Enterprises" | Yes, replaced by SFAC 6 |
| SFAC 4 | "Objectives of Financial Reporting by Nonbusiness Organizations" | No |
| SFAC 5 | "Recognition and Measurement in Financial Statements of Business Enterprises" | No |
| SFAC 6 | "Elements of Financial Statements—a replacement of FASB concepts statement number 3" | No |
| SFAC 7 | "Using Cash Flow Information and Present Value in Accounting Measurements" | No |
| SFAC 8 | Conceptual Framework for Financial Reporting, Chapter 1, "The Objective of General Purpose of Financial Reporting," and Chapter 3, "Qualitative Characteristics of Useful Financial Information" | No |
Access the FASB Concept Statements.