Safc 3

Statement of

Financial Accounting

Concepts No. 3

Note: This Statement has been completely superseded

CON3 Status Page

Elements of Financial Statements

of Business Enterprises

December 1980

Financial Accounting Standards Board

of the Financial Accounting Foundation

401 MERRITT 7, P.O. BOX 5116, NORWALK, CONNECTICUT 06856-5116

Copyright © 1980 by Financial Accounting Standards Board. All rights reserved. No

part of this publication may be reproduced, stored in a retrieval system, or transmitted, in

any form or by any means, electronic, mechanical, photocopying, recording, or

otherwise, without the prior written permission of the Financial Accounting Standards

Board.

Page 2

Statement of Financial Accounting Concepts No. 3

Elements of Financial Statements of

Business Enterprises

December 1980

CONTENTS

Paragraph

Numbers

Highlights

Introduction.................................................................................................................1–17

Scope and Content of Statement ...................................................................................1–8

Other Possible Elements of Financial Statements

of Business Enterprises...........................................................................................3–4

Elements and Financial Representation........................................................................5–7

Other Scope and Content Matters.....................................................................................8

Objectives, Qualitative Characteristics, and Elements ...............................................9–13

Interrelation of Elements—Articulation ...................................................................14–15

Definition, Recognition, Measurement, and Display ...............................................16–17

Definitions of Elements ............................................................................................18–89

Assets...