Intermediate Accounting 14th Edition

Published by Wiley
ISBN 10: 0470587237
ISBN 13: 978-0-47058-723-2

Chapter 1 - Financial Accounting and Accounting Standards - Concepts for Analysis - Instructions - Page 27: CA1-14(6)

Answer

(6=b) Statement of Financial Accounting Concepts-Sets forth fundamental objectives and concepts that will be used in developing future standards.

Work Step by Step

The Statement of Financial Accounting Concepts is meant to safeguard the public interest by the objectives, traits and other elements used to safeguard the selection process in developing future standards.
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