Statements of Financial Accounting Concepts (in short Concepts Statements) are published by Financial Accounting Standards Board (FASB). They are a part of FASB conceptual framework project and set forth fundamental objectives and concepts that FASB will use in developing future U.S. generally accepted accounting principles (GAAP). However, they are not a part of the US GAAP. There are 7 concepts published to date. Source: [wikipedia: list of fasb statements of financial accounting concepts]