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The Overall Conceptual Framework Should Provide Structure By Describing The Nature And Limits Of Federal Financial Reporting

FASAB's work on its conceptual framework is intended to ensure that federal financial accounting standards are based on a sound framework of objectives and concepts regarding the nature of accounting, financial statements, and other communications methods.

The overall conceptual framework should: provide structure by describing the nature and limits of federal financial reporting,
identify objectives that give direction to standard setters, define the elements critical to meeting financial reporting objectives and describe the statements used to present elements, identify means of communicating information necessary to meeting objectives and describe when a particular means should be used, and enable those affected by or interested in standards to understand better the purposes, content, and characteristics of information provided in federal financial reports.

FASAB's review of the objectives of federal financial reporting and of the objectives of FASAB itself comprises one project. The review focuses on the first two objectives listed above for the overall conceptual framework. In the process, it should also address to some extent the last objective listed.

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