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Journal entry — FASB and IASB issue exposure draft on reporting entity concept

Published on: Mar 11, 2010

Today, the FASB and IASB jointly issued an exposure draft (ED), Conceptual Framework for Financial Reporting: The Reporting Entity. The ED outlines the boards’ perspectives on the reporting entity concept (which is not addressed in existing frameworks) as part of their eight-phase project to develop an improved conceptual framework. Topics discussed in the ED include what is considered a reporting entity, which, in different situations, could consist of a single entity, multiple entities, or a portion of an entity.

Comments on the ED are due by July 16, 2010. Stay tuned for Deloitte’s upcoming Heads Up on the ED.

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