Among the objectives of the Financial Accounting Standards Board’s (FASB’s) Conceptual Framework was to provide guidance for the FASB’s own future standard-setting efforts. One of the major choices made by the FASB when developing its Conceptual Framework was the adoption of the “asset and liability view” of income determination in Statement of Financial Accounting Concepts No. 3 (SFAC 3). Anecdotal evidence indicates that the asset and liability view is central to several prominent standards issued by the FASB since SFAC 3. However, there has not been a thorough analysis of the application of the asset and liability view in standard-setting. This paper begins to close this lacuna in the literature. Specifically, we report on a systematic examination of citations of the asset and liability view in FASB standards since the issuance of SFAC 3 in December 1980