The Financial Accounting Standards Board has issued an exposure draft of a new chapter to Concepts Statement No. 8 (CON 8) on financial statement elements. The proposed Chapter 4 of CON 8, which would replace Concepts Statement No. 6 (Elements of Financial Statements), defines elements of financial statements for FASB to apply in future standard setting for businesses and not-for-profit organizations.

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Maria L. Murphy, CPA, is a regular contributor to Compliance Week. She is a senior content management analyst, accounting and auditing products, CCH tax and accounting North America for Wolters Kluwer....