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What Does Statement of Financial Accounting Concepts – SFAC Mean?

April 26, 2017Accounting concepts fasb financial GAAP gaas mean

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What Does Statement of Financial Accounting Concepts – SFAC Mean?

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A document issued by the Financial Accounting Standards Board (FASB) covering broad financial reporting concepts. The purpose of the SFAC document is to provide a general overview of accounting concepts, definitions and ideas. It is seen as a prelude to the statement of financial accounting standards.