Dictionary of Accounting Terms: Statements Of Financial Accounting Standards (SFAS)
Statements Of Financial Accounting Standards (SFAS)
accounting, reporting, and disclosure requirements of the Financial Accounting Standards Board (FASB). They are rules to be followed by accountants in accumulating financial data and preparing financial statements. The standards are, in effect, Generally Accepted Accounting Principles (GAAP). They cover diverse subjects, such as leases, pensions, and income statement presentation.
