2.1. FINANCIAL ACCOUNTING AND REPORTING2.1.1. (a) THE FINANCIAL ACCOUNTING STANDARDS BOARD AND GENERAL PURPOSE EXTERNAL FINANCIAL ACCOUNTING AND REPORTING.2.1.2. (b) MANAGEMENT ACCOUNTING AND TAX ACCOUNTING.2.2. WHY WE HAVE A CONCEPTUAL FRAMEWORK2.2.1. (a) Special Committee on Cooperation with Stock Exchanges.2.2.1.1. (i) "Accepted Principles of Accounting."2.2.1.1.1. But Were They "Principles"?.2.2.1.1.2. May's Attempts to Rectify "Considerable Misunderstanding".2.2.1.1.3. The Special Committee's Definition of "Principle".2.2.1.2. (ii) The Best Laid Schemes.2.2.1.2.1. The Special Committee's Heritage.2.2.1.3. (iii) Securities Acts and the Securities and Exchange Commission—"Substantial Authoritative Support".2.2.2. (b) COMMITTEE ON ACCOUNTING PROCEDURE, 1938–1959.2.2.2.1. (i) No Comprehensive Statement of Principles by Institute.2.2.2.1.1. Statements of Accounting Principles by Others.2.2.2.1.2. American Accounting Association's Theoretical Basis for Accounting Rules and Procedures.2.2.2.1.3. Sanders, Hatfield, and Moore's Codification of Accounting Practices.2.2.2.1.4. Sets of Principles by Individuals.2.2.2.1.5. Principles from Resolving Specific Problems.2.2.2.2. (ii) The Accounting Research Bulletins.2.2.2.2.1. Piecemeal Principles Based on Practice, Experience, and General Acceptance.2.2.2.2.2. Challenges to the Committee's Authority.2.2.2.2.3. Influence of the Securities and Exchange Commission.2.2.2.2.4. Decision to Issue Principles Piecemeal Reaffirmed.2.2.2.2.5. Influence of the American Accounting Association.2.2.2.2.6. "All-Inclusive Income" versus "Avoiding Distortion of Periodic Income".2.2.2.2.7. "Matching of Costs and Revenues" and "Assets Are Costs".2.2.2.3. (iii) Failure to Reduce the Number of Alternative Accounting Methods.2.2.3. (c) ACCOUNTING PRINCIPLES BOARD—1959–1973.2.2.3.1. (i) Postulates and Principles.2.2.3.2. (ii) The Accounting Principles Board, the Investment Credit, and the Seidman Committee.2.2.3.2.1. Accounting Principles Board Statement 4.2.2.3.3. (iii) The End of the Accounting Principles Board.2.2.4. (d) THE FINANCIAL ACCOUNTING STANDARDS BOARD FACES DEFINING ASSETS AND LIABILITIES.2.2.4.1. (i) Were They Assets? Liabilities?.2.2.4.1.1. Assets, Liabilities, and What-You-May-Call-Its.2.2.4.1.2. Proper Matching to Avoid Distorting Periodic Net Income.2.2.4.2. (ii) Nondistortion, Matching, and What-You-May-Call-Its.2.2.4.2.1. Nondistortion and the Balance Sheet as Footnote.2.2.4.2.2. Proper Matching and "Assets Are Costs".2.2.4.3. (iii) An Overdose of Matching, Nondistortion, and What-You-May-Call-Its.2.2.4.4. (iv) Initiation of the Conceptual Framework.2.3. THE FINANCIAL ACCOUNTING STANDARDS BOARD'S CONCEPTUAL FRAMEWORK2.3.1. (a) THE FRAMEWORK AS A BODY OF CONCEPTS.2.3.1.1. (i) Information Useful in Making Investment, Credit, and Similar Decisions.2.3.1.2. (ii) Representations of Things and Events in the Real-World Environment.2.3.1.3. (iii) Assets (and Liabilities)—The Fundamental Element(s) of Financial Statements.2.3.1.3.1. Misunderstanding and Controversy about the Financial Accounting Standards Board's Defining Assets and Liabilities as the Fundamental Elements.2.3.1.3.2. Two Views of Income.2.3.1.3.3. Asset and Liability View and Conceptual Primacy of Assts and Liabilities.2.3.1.3.4. Revenue and Expense View and its Hold on Practice.2.3.1.4. (iv) Functions of the Conceptual Framework.2.3.2. (b) THE FINANCIAL ACCOUNTING STANDARDS BOARD CONCEPTS STATEMENTS.2.3.2.1. (i) Objectives of Financial Reporting.2.3.2.1.1. Concepts Statement No. 1.2.3.2.1.2. Concepts Statement No. 1 and the Trueblood Group's Objectives2.3.2.1.3. Concepts Statement No. 4.2.3.2.1.4. Effects of Environment and Information Needs of Resource Providers.2.3.2.1.5. Objectives of Financial Reporting by Business Enterprises.2.3.2.1.6. Objectives of Financial Reporting by Not-for-Profit Organizations.2.3.2.1.7. Keeping the Objectives in Perspective.2.3.2.2. (ii) Qualitative Characteristics of Accounting Information.2.3.2.2.1. Concepts Statement No. 2.2.3.2.2.2. A Hierarchy of Accounting Qualities.2.3.2.2.3. Relevance.2.3.2.2.4. Predictive Value And Feedback Value.2.3.2.2.5. Timeliness.2.3.2.2.6. Reliability.2.3.2.2.7. Representational Faithfulness.2.3.2.2.8. Completeness.2.3.2.2.9. Verifiability.2.3.2.2.10. Neutrality.2.3.2.2.11. Comparability.2.3.2.2.12. Conservatism.2.3.2.2.13. Materiality.2.3.2.2.14. Costs and Benefits.2.3.2.2.15. Impact of the Qualitative Characteristics.2.3.2.3. (iii) Elements of Financial Statements.2.3.2.3.1. Concepts Statement No. 3.2.3.2.3.2. Concepts Statement No. 6.2.3.2.3.3. Definition of Assets.2.3.2.3.4. Future Economic Benefits.2.3.2.3.5. Control by a Particular Entity.2.3.2.3.6. Occurrence of A Past Transaction or Event.2.3.2.3.7. Definition of Liabilities.2.3.2.3.8. Required Future Sacrifice of Assets.2.3.2.3.9. Obligation of A Particular Entity.2.3.2.3.10. Occurrence of a Past Transaction or Event.2.3.2.3.11. Nonessential Characteristics of Assets and Liabilities.2.3.2.3.12. Equity or Net Assets.2.3.2.3.13. Equity or Net Assets as a Measure of Wealth.2.3.2.3.14. Equity of Business Enterprises.2.3.2.3.15. Investments by and Distributions to Owners.2.3.2.3.16. Comprehensive Income of Business Enterprises.2.3.2.3.17. Revenues, Expenses, Gains, and Losses.2.3.2.3.18. Net Assets of Not-for-Profit Organizations.2.3.2.3.19. Accrual Accounting and Related Concepts.2.3.2.3.20. Transactions, Events, and Circumstances.2.3.2.3.21. Accrual Accounting.2.3.2.4. (iv) Recognition and Measurement.2.3.2.4.1. Concepts Statement No. 5.2.3.2.4.2. Financial Statements.2.3.2.4.3. Comprehensive Income and Earnings.2.3.2.4.4. Capital Maintenance.2.3.2.4.5. Measurement and Attributes.2.3.2.4.6. Recognition and Measurement—Description Rather than Concepts.2.3.2.5. (v) Using Cash Flow Information and Present Value in Accounting Determinations.2.3.2.5.1. Fundamental Questions Relevant to Determinations that Use Present Value Techniques.2.3.2.5.2. The Time Value of Money.2.3.2.5.3. Elements of Present Value Determinations.2.3.2.5.4. Using Present Value to Approximate Fair Value at Initial Recognition and for Fresh-Start Determinations.2.3.2.5.5. Implementing the Determination of Fair Value Using Present Value Techniques.2.3.2.5.6. Relationship to Accounting for Contingencies.2.3.2.5.7. Risk and Uncertainty.2.3.2.5.8. Relevance and Reliability.2.3.2.5.9. Present Value in the Determination of Liability Amounts.2.3.2.5.10. Interest Methods of Allocation.2.4. INVITATION TO LEARN MORE2.5. SOURCES AND SUGGESTED REFERENCES
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