正保会计网校特别为美国cpa学员整理了美国cpa考试《财务会计与报告》的重点考点，以备迎接美国cpa考试，祝您在网校学习愉快！
Conceptual framework provides a basis for financial accounting concepts for enterprises.
FASB conceptual framework called Statements of Financial Accounting Concepts （SFAC）。
SFAC serves as a basis for all FASB pronouncements.
The SFAC are not GAAP
FASB and IASB have a joint project to converge their financial reporting frameworks.
SFAC NO. 8 Conceptual Framework for Financial report is the result of convergence. （F1-7）
1 objective， 2 Fundamental， 4 Enhancing.
1 objective – Decision useful （F1-7）
2 fundamental qualitative characteristics – FAR （FAithful representation + Relevance） （F1-8）
4 enhancing qualitative characteristics – Compare and verify in time to understand （F1-9）
1 Objective： DECISION USEFUL.
SFAC NO. 8-chapter 1： The Objective of General Purpose Financial Reporting （F1-7）
Who make decision？ Primary Users （existing and potential investors， lenders， and other creditors）
What decision？ Whether providing resources to reporting entity.
How useful？ use financial information （FI） to assess the reporting entity‘s prospects for future net cash inflows
2 fundamental qualitative characteristics – FAR （FAithful representation + Relevance） （F1-8）
SFAC NO. 8-chapter 3： Qualitative Characteristics of Useful Financial Information
FAR = FAithful representation + Relevance
Relevance – “Does it related to my decision？”
“Passing Confirms Money （PCM）”
“Confirm Predictive value is Material” （PCM）
Predictive value： Help me predict future outcomes
Confirming value： Help me evaluate earlier prediction.
Materiality： Judgment. If an omission or misstatement of the information could affect the decision made by users， then it is material.
Faithful Representation - “Can I depend on it？”
“Completely Neutral is Free from error”
Completeness： All facts embedded in the information.
Neutrality： Free from bias； focus is on objectivity and balance.
Freedom from Error： Judgement. Would a sufficiently knowledgeable third party derive the same result？
4 enhancing qualitative characteristics – Compare and verify in time to understand
SFAC NO. 8-chapter 3： Qualitative Characteristics of Useful Financial Information
4 enhancing qualitative characteristic
“Compare and Verify in Time to Understandability”
Comparability （Consistency）： across entities or from period to period.
Verifiability： Independent observers can reach consensus.
Timeliness： Recent enough to influence decision.
Understandability： Comprehensible by a user with reasonable understanding of business.
SFAC No. 4， “Objectives of Financial Reporting by Nonbusiness Organizations” （F1-10）
Nonbusiness organizations （Not for profit）
-Most of resources come from contributions and grants （Non-reciprocal）
-Operating purposes are other than for profit
-Lack ownership interest
Objectives is provide useful information in
-Making resource allocation decisions
-Assessing service and the ability to provide services
-Assessing management stewardship and performance
-The nature and relationship of in/out flow of resource
SFAC No. 5， “Recognition and Measurement in the Financial Statements” （F1-11）
Full Set of Financial Statements
Statement of financial position （the balance sheet）
Statement of earnings （the income statement）
Statement of comprehensive income （IDEA+PUFER）
Statement of cash flows
Statement of changes in owners‘ equity
Measurement Attributes for Assets and Liabilities （F1-12）
Historical cost （F2-42）： PP&E
Current cost （F2-42）： Inventory
Net realizable value （F4-23）： A/R
Current market value： Marketable securities
Present value of future cash flows： LT debt “bonds” （SFAC No.7 F1-15）
4 Assumptions and 6 Principles （F1-12）
“Ego up” + “Charm FAR”
4 Assumptions-“Ego up”
Entity Assumption
GOing Concern Assumption （IFRS & GAAP）
Monetary Unit Assumption
Periodicity Assumption
有意向报考的AICPA的考生赶快点击下方按钮进行免费预评估>> 了解AICPA报考条件吧！
了解详情30000元/4科
