New Heads Up on first phase of the joint IASB-FASB conceptual framework project

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04 Oct, 2010

This Heads Up summarizes the first two chapters issued by the FASB and IASB of their joint eight-phase project to develop an improved, converged conceptual framework for financial accounting and reporting.

This single conceptual framework will serve as the foundation for the development of financial accounting and reporting guidance based on consistent principles. The new chapters are not a part of the FASB Accounting Standards Codification, which means they are not a source of authoritative GAAP.

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