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IAS Plus newsletter — Exposure Draft on conceptual framework objective and qualitative characteristics

Published on: 21 Jul 2008

IASB issues first Exposure Draft on conceptual framework

On 29 May 2008, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) jointly published for comment an Exposure Draft (ED) An improved Conceptual Framework for Financial Reporting – Chapter 1: Objective of Financial Reporting and Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information.

The ED develops the Boards’ thinking from the 2006 Discussion Paper on the same subject. The Boards are seeking comments by 29 September 2008. This is the first ED issued in the Boards’ ongoing project to develop a common conceptual framework.

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