Final answer:
The FASB has issued seven Statements of Financial Accounting Concepts, which serve as a framework for future accounting standards and provide guidance for resolving issues not directly addressed in existing literature.
Step-by-step explanation:
The Financial Accounting Standards Board (FASB) has issued seven Statements of Financial Accounting Concepts since its establishment. The Financial Accounting Standards Board (FASB) has issued eight Statements of Financial Accounting Concepts (SFACs) as of 2021.
These statements provide the conceptual framework underpinning the development of future accounting standards and offer guidance for resolving accounting issues that are not explicitly addressed in Accounting Standards Updates (ASUs) or other authoritative literature. The objective of these concepts statements is not to establish GAAP, but to set the fundamentals on which GAAP is based.The Financial Accounting Standards Board (FASB) has issued seven Statements of Financial Accounting Concepts since its establishment. The Financial Accounting Standards Board (FASB) has issued eight Statements of Financial Accounting Concepts (SFACs) as of 2021.