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IFRS in Focus — IASB completes first phase of joint project on Conceptual Framework for Financial Reporting

Published on: Oct 10, 2010

On September 28, 2010, the IASB and the FASB completed the first phase of their joint project to develop an improved and converged conceptual framework for IFRSs and U.S. GAAP with their issue of Chapter 1: The objective of general purpose financial reporting and Chapter 3: Qualitative characteristics of useful financial information. The objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent, and internationally converged.

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