What are the two main purposes

Reference no: EM133608542

Question: What are the two main purposes/uses of the FASB's Concepts Statements? Select one or more: To set forth a common framework, for the Board's use in guiding the development of new standards. To interpret and provide illustrative examples for complex or nuanced guidance in the Codification. For use by practitioners, as a set of principles to consider in preparing financial statements. Guidance from these Concepts Statements was used to populate the Codification and can now be referred to as a nonauthoritative pre-Codification source.

Reference no: EM133608542

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