Conceptual Framework Phase A — Objective and Qualitative Characteristics

Date recorded:

The staff presented a revised objective of financial reporting for the forthcoming exposure draft in order to address constituents' concerns about the role of stewardship in financial reporting:

The objective of general purpose external financial reporting is to provide financial information about the reporting entity that is useful to present and potential investors and creditors in making decisions in their capacity as capital providers.
The Board concluded that 'and other users' should be added to this objective but otherwise agreed with the recommendation. The Board also agreed in substance with the staff's recommendation for restructuring Chapter 1 to enhance its logical flow and that the revised Chapter 1 faithfully reflected each of the staff's recommendations.


Correction list for hyphenation

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