Highlighting Rights and Obligations,Emphasizing Operating Activities,and Expanding Ownership:A Study on Financial Statement Elements in the New FASB Conceptual Framework
Highlighting Rights and Obligations,Emphasizing Operating Activities,and Expanding Ownership:A Study on Financial Statement Elements in the New FASB Conceptual Framework
At the end of 2021,the Financial Accounting Standards Board(FASB)is-sued the Chapter 4"Elements of Financial Statements"of the new conceptual framework.While maintaining the number and names of the ten elements,the connotations of these elements undergo significant changes:the definitions of assets and liabilities are revised,emphasizing their fundamental characteristics of present rights and obligations;there is a stronger focus on operating activities,with gains and losses that were previously con-sidered peripheral or incidental but related to goods and services now being reclassified into income and expenses;and elements related to owner investments and distributions,originally applicable to commercial entities,have been expanded to include not-for-profit entities,with an optimized classification of net assets for non-profits.The paper discusses the specific content of these changes and their impact on financial statements,analyzes the ongoing controversies and the continuity of the new financial statement elements with the existing accounting theoretical foundation and element system,and provides insights for the formulation of accounting standards in China.
关键词
概念框架/财务报表要素/资产和负债/收入和费用/非营利主体
Key words
conceptual framework/financial statements elements/assets and liabilit-ies/revenues and expenses/not-for-profit entities
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