IFRS in Focus — IASB completes first phase of joint project on Conceptual Framework for Financial Reporting

Published on: 10 Oct 2010

On 28 September 2010, the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) completed the first phase of their joint project to develop an improved and converged conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting principles (US GAAP) with their issue of Chapter 1: The objective of general purpose financial reporting and Chapter 3: Qualitative characteristics of useful financial information. The objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged.


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.