Heads Up on IASB-FASB conceptual framework proposals
18 Jun 2008
On 29 May 2008, the IASB and the FASB jointly published similar consultative documents on two of the eight phases of their joint project to develop an improved conceptual framework.
The framework will provide a foundation for developing future accounting standards. The two consultative documents are:
- Exposure Draft: Chapters 1 and 2 of the Conceptual Framework (Objective and Qualitative Characteristics). Exposure Draft (ED). Chapters 1 and 2 of the framework (Objective and Qualitative Characteristics). This ED addresses the objective of financial reporting, the qualitative characteristics of information provided by financial reporting, and constraints on the provision of that information. The draft reflects the boards' updated proposals in the light of comments received on an initial consultation document published in July 2006.
- Discussion Paper: Preliminary Views - The Reporting Entity. This publication sets out the boards' preliminary views on the reporting entity concept and related issues. Although the reporting entity concept determines some important aspects of financial reporting, the boards' existing frameworks do not address it specifically.