This FASB accounting conceptual framework is a collection of interconnected objectives and fundamentals. The objectives define the goals and purposes of financial reporting, while the fundamentals are the underlying concepts that assist in achieving those goals. These concepts guide the selection of transactions, events, and circumstances to be accounted for and how they should be recognized and measured, summarized, and reported. Concepts Statements have no direct impact on practice. They make no changes to generally accepted accounting principles (GAAP). Certain aspects of current GAAP conflict with the framework, as illustrated in this FASB conceptual accounting framework. Go ahead and start using EdrawMax to create beautiful conceptual frameworks for your work or study.