FASB rethinks the objective of financial reporting
07 Sep 2007
At its meeting on 29 August 2007, the US Financial Accounting Standards Board redeliberated issues related to the objective of financial reporting – the basic building block of the conceptual framework that FASB and IASB are jointly developing.
Specifically, the FASB addressed (1) concerns raised by respondents about the role of stewardship in the objective of financial reporting and (2) the logical flow of Chapter 1 of the FASB's Preliminary Views. FASB's Action Alert of September 6, 2007 reports the following decisions:
FASB conclusions on the objective of financial reporting:
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