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This article examines SFAS No. 12 in relation to the conceptual framework, suggesting implications for GAAP compliance.
The Financial Accounting Standards Board (FASB) has stated that the Statements of Financial Accounting Concepts (SFAC) are intended to establish objectives and concepts to be used in developing financial accounting and reporting standards, and that it expects to reexamine its pronouncements in light of the concept statements. Now that the conceptual framework is complete enough to use, it is appropriate to assess generally accepted accounting principles (GAAP) in accordance with the expectations of the FASB. This article examines Statement of Financial Accounting Standard (SFAS) No. 12 Accounting for Certain Marketable Securities,¹ within the context of the conceptual framework.
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Foran et al. (1987) studied this question.
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