F1 - 1.1 FAR Overview

Question 1

Is ‘Statement of Financial Accounting Concepts’ included in the FASB Accounting Standard Codification (ASC)?

Answer 1

No.

The Statement of Financial Accounting Concepts (SFAC) which is a FASB theoretical framework is a non-authoritative GAAP literature and is excluded from the Accounting Standard Codification (ASC).

Question 2

Which publications are ‘Authoritative GAAP pronouncements’ and are reorganized into the ‘ASC’ ?

Answer 2

• Accounting Research Bulletins - AICPA Statement of Positions
• Interpretations
• Staff positions
• APB Opinions
  These are all authoritative GAAP pronouncements and are reorganized into the ’ASC’