Lesson: FASB Statements of Financial Accounting Concepts

Exploring the foundation of financial accounting standards can seem daunting, but Nick Palazzolo, CPA, breaks it down with ease. In this lesson, Nick sifts through the seven Statements of Financial Accounting Concepts provided by FASB, which form the basis of major recognition and reporting guidelines. He conveys the ever-evolving nature of these concepts by referencing current updates to accounting standards, including critical areas such as revenue recognition and cash flows. By the end, the navigation through these complex topics is made clearer, paving the way for a deeper understanding of the elements that shape the financial statements critical to the accounting profession.