Team E Michele Beard Megan Hamand Gladys Mendoza Kyla Porter Kimberly Thomas.

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Presentation transcript:

Team E Michele Beard Megan Hamand Gladys Mendoza Kyla Porter Kimberly Thomas

RecognizeReportMeasure

 CON 1 lists objectives of accounting, and CON 2 & CON 3 provide the qualitative characteristics of useful accounting information and the elements of financial statements.  CON 5 identifies the concepts used in identifying and applying accounting standards... It is the “HOW” of accomplishing the objectives of accounting.

 The FASB spent several years studying these concepts.  The need to develop these concepts was identified early, and listed in CON 1

 Recognition and Measurement are conceptually combined  The FASB followed due process in developing the statement.  Changes were made to the Exposure Draft of CON 5 based on suggestions from comment letters, mostly to improve clarity and organization.

1. Economic entity 2. Going concern 3. Monetary unit 4. Periodicity Assumptions 1. Measurement 2. Revenue Recognition 3. Expense Recognition 4. Full Disclosure Principles 1. Cost-benefit 2. Materiality 3. Industry Practice 4. Conservatism Constraints Recognition and Measurement Concepts