CONTENIDO: Standard setting and theory formulation. Foundation: standard setting and theory. Appendix: Fortieth annual report general electric company. The accounting principles board I. The accounting principles board II - ASOBAT. The new tripartite structure. FASB: operations. Statement on accounting theory and theory acceptance and positive accounting theory. FASB: the conceptual framework project. FASB: Present and future. The study of contemporary accounting issues within the conceptual framework. Accounting for income. Accounting for assets. Cash and cash flows. The nature of liabilities. Accounting for income taxes. Accounting for postemployment compensation. Mark to market accounting. Financial reporting: disclosure.