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Locker AssignmentsHHP PPS No. 09.01.04Effective Date: August 15, 2019Next Review Date: August 15, 2024Sr. Reviewer: Department Chair01. STATEMENT OF PURPOSE1.1 The purpose of this PPS is to outline
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Concepts Statement No. 8 is part of the Financial Accounting Standards Board (FASB) conceptual framework, which provides guidelines on the objectives and qualitative characteristics of financial reporting.
Entities that prepare financial statements following generally accepted accounting principles (GAAP) are required to adhere to the guidelines provided in Concepts Statement No. 8.
Filling out Concepts Statement No. 8 typically involves ensuring that financial reports align with the qualitative characteristics and objectives outlined in the statement; however, it is not a form that is filled out but rather guidelines that must be followed.
The purpose of Concepts Statement No. 8 is to establish a foundation for the preparation of financial statements in a way that enhances transparency, relevance, and consistency for users.
Concepts Statement No. 8 outlines the objectives of financial reporting and the qualitative characteristics of useful financial information, rather than requiring specific information to be reported on a form.
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