Last week, the Financial Accounting Standards Board and the International Accounting Standards Board each published for public comment a consultative document setting out their preliminary views on the first two chapters of an enhanced conceptual framework. The draft chapters define the objective of financial reporting, and the qualitative characteristics of decision-useful financial information.

The document is the result of a joint project "to build upon, improve and achieve the convergence of their existing conceptual frameworks." The boards' stated belief is that a common conceptual framework will improve the foundation and concepts that underlie global financial reporting, and serve as a more effective guide in developing global financial reporting standards.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access