FASB
Board
Conceptual framework
100

FASB was established in

1973

100

Number of board members for the FASB

7

100

First concept statement was created in

1978 or about 4 decades ago

200

FASB is based out of

Norwalk, Connecticut

200

Length of term for the FASB board members

5 years

200

Number of concept statements

8

300

The FAF is responsible for

Supporting and overseeing FASB

300

Number of terms the FASB board member are allowed to serve

2 terms

300

How is the framework used?

Setting accounting and reporting standards, in the academic tool kit for teaching students, and professors use it as a guide for research

400

Number of advisory groups

6

400

Board members are elected by

The FAF

400

The debate surrounding statement 8 involves 

Faithful representation and Neutrality