The U.S. Financial Accounting Standards Board and the International Accounting Standards Board said they are seeking public comment on two documents that are part of their joint project for developing an improved conceptual framework for future accounting standards.

The standards bodies have published an exposure draft of the first two chapters of the framework. They are seeking any views on an improved objective of financial reporting and constraints on the provision of that information. The document proposes that the objective of financial reporting should be to provide useful information to present and potential equity investors, lenders and other creditors in making decisions as capital providers.

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