Strategic Directions

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Strategic Directions Report (PDF 586KB)

The first phase of the FASAB's conceptual framework project resulted in the above report on Strategic Directions. FASAB's conceptual framework is intended to ensure that federal financial accounting standards are based on a sound framework of objectives and concepts regarding the nature of accounting, financial statements, and other communications methods. The overall conceptual framework should:

1. provide structure by describing the nature and limits of federal financial reporting,
2. identify objectives that give direction to standard setters,
3. define the elements critical to meeting financial reporting objectives and describe the statements used to present elements,
4. identify means of communicating information necessary to meeting objectives and describe when a particular means should be used, and
5. enable those affected by or interested in standards to understand better the purposes, content, and characteristics of information provided in federal financial reports.

For more information on the Conceptual Framework project, see the active project pages.