FASB’s Conceptual Framework Summarized - 10

Level 3b: Principles inclusive of Measurement, Revenue Recognition, Expense Recognition, and Full Disclosure.
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Measurement principle – refers to the most commonly used measurements that are based on historical costs and fair value
Revenue Recognition – refers to the general occurrence when realized or realizable revenues are earned
Expense Recognition – Letting the expenses following the revenues
Full Disclosures – Providing information that is sufficient in influencing judgement and decisions for an informed user, inclusive of financial statements, notes to financial statements, and supplementary information.