Baseline configuration includes set up of organizational data (Company Codes, Trading Partners, Sales Orgs., Purchase Orgs., Plants), chart of accounts, and other basic configuration that you see under each module in IMG path. It is basically all configuration that you need to do and it specifically excludes programming changes.
Baseline configurations include the minimum configurations that are required to run a scenario in genreral .
As SAP has provided a standard package for each and every business scenario , to run them you need to configure the minimum required settings in the IMG to run the same . these are known as baseline configurations .
Rest all which is not available in standard comes under development and enhancements .
baseline configs generally include settings for the finance like creating and maintaining the co code settings , controlling area settings , funds management area settings . etc .
hope now you are clear on what are the baseline settings in SAP .