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Concepts Statements – Concepts Statement No. 1

GASB Concepts Statement No. 1, Objectives of Financial Reporting, issued in 1987, details the objectives of financial reporting and serves as a guide in making decisions on financial reporting issues. In establishing the objectives for financial reporting, considerable weight was given to the concept of accountability. From that concept, one important objective introduced in the Statement was that “financial reporting should provide information to assist users in assessing the service efforts, costs, and accomplishments of the governmental entity.”

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In this section:

General Information
Concepts Statement No. 1
Concepts Statement No. 2
Concepts Statement No. 5
Elements of SEA Reporting
Qualitative Characteristics
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