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FASB issues two new conceptual framework chapters

On December 22, the FASB issued two new chapters of its Conceptual Framework:

Elements of Financial Statements includes revised definitions of certain elements, including revenue, and other changes.

Presentation identifies factors for the Board to consider when deciding how items should be displayed in the financial statements.

These new chapters will not result in any immediate changes to GAAP. Instead, the Board will use the revised Framework in setting future standards.

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