The Financial Accounting Standards Board and the International Accounting Standards Board have completed the first phase of a joint project to develop an improved conceptual framework for future accounting standards.

The objective of the conceptual framework is to create a sound foundation for future accounting standards that are principles based, internally consistent and internationally converged. The new framework builds on existing IASB and FASB frameworks. The IASB has revised portions of its framework; while FASB has issued Concepts Statement 8 to replace Concepts Statements 1 and 2.

This first phase of the conceptual framework deals with the objective and qualitative characteristics of financial reporting. As part of the consultation process, the IASB and FASB jointly published a discussion paper and exposure draft that resulted in more than 320 responses. 

A feedback statement providing an overview of how the IASB responded to comments received through the consultation process is available for download.  An IASB webcast introducing this first phase of the conceptual framework project will be held on Thursday, Sept. 30. An IASB podcast summary of the project is available for download. On Friday, October 1, a podcast will be posted by FASB on www.fasb.org that will examine and explain the purpose of a concepts statement.

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