Intermediate Accounting 2 Financial Reporting: Its Conceptual Framework Functions of FASB Conceptual framework To guide the FASB in establishing accounting standards To provide a frame of reference for resolving accounting questions in situations where a standard does not exist to determine the bounds for judgment in the preparation of financial statements ContinuedIntermediate Accounting 2 Financial Reporting: Its Conceptual Framework Functions of FASB Conceptual Framework ➢ To guide the FASB in establishing accounting standards. ➢ To provide a frame of reference for resolving accounting questions in situations where a standard does not exist. ➢ To determine the bounds for judgment in the preparation of financial statements. Continued