Definition of genre. 1  1 : a category of artistic, musical, or literary composition characterized by a particular style, form, or content a classic of the gothic novel genre. 2  2 : kind, sort. 3  3 : painting that depicts scenes or events from everyday life usually realistically.
In 1973, the Accounting Principles Board was replaced by the Financial Accounting Standards Board (FASB) under the supervision of the Financial Accounting Foundation with the Financial Accounting Standards Advisory Council serving to advise and provide input on the accounting standards.
In 2010, the FASB and the IASB issued two chapters of a revised conceptual framework. For the FASB, they were issued as a part of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting. These chapters became effective as soon as they were issued and now form part of the FASBâs existing Conceptual Framework.