Generally Accepted Accounting Principles
in the United States

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Recognition and Measurement
in Financial Statements of Business Enterprises

(SFAC No. 5)

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SFAC No. 5

Statement of Financial Accounting Concepts (SFAC) No. 5
        a. 
Recognition and Measurement in Financial Statements of Business Enterprises
        b.  Issued in December 1984


SFAC No. 5 includes the concepts of 

     Financial Statements
     Full Set of Financial Statements
     Purposes of Financial Statements
     Recognition
     Recognition Criteria
     Relevance
     Reliability
     Recognition of Revenues
     Recognition of Expenses
     Recognition of Gains 
     Recognition of Losses
     Recognition of Changes in Assets
     Recognition of Changes in Liabilities

Other Statements of Financial Accounting Concepts (SFAC)
   
SFAC
No.

Title

Issue Date
1 Objectives of Financial Reporting by Business Enterprises November 1978
2 Qualitative Characteristics of Accounting Information May 1980
3 Superseded by SFAC No. 6  
4 Objectives of Financial Reporting by Nonbusiness Organizations December 1980
5 Recognition and Measurement in Financial Statements of Business Enterprises December 1984
6 Elements of Financial Statements December 1985
7 Using Cash Flow Information and Present Value in Accounting Measurements February 2000
   







 
U.S. GAAP Codification
International Financial Reporting Standards (IFRS)
 
Accounting Topics
Inventory Valuation Methods
Depreciation Methods
Revenue Recognition Principle
Accrual Basis vs. Cash Basis Accounting
Basics of Journal Entries
Ratios for Financial Statement Analysis
Overview of Financial Statements








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