Become familiar with the FASB Conceptual Framework.
- Improve ability to “skim” a document to gain an understanding of the central concepts or ideas without reading every word.
- Clearly communicate your thoughts and ideas in a clear and concise manner.
- Practice your written communication skills including the ability to write persuasively in a document that is free of spelling and grammatical errors.
- Understand the purpose of the FASB Conceptual Framework.
- Recognize that the FASB Conceptual Framework is non-authoritative.
Assignments
Respond to the following questions in a clear and concise way that demonstrates critical thinking and rational arguments to support your conclusions:
- What is the purpose of the conceptual framework?
- What are some examples of guidance in the FASB’s conceptual framework that are consistent with Paton and Littleton’s (1940) matching principle?
- What are some examples of guidance in the FASB’s conceptual framework that are consistent with an asset/liability perspective?