The Financial Accounting Standards Board and the International Accounting Standards Board have jointly published an exposure draft on the concept of reporting entities, including how they control other entities.
The proposals from the two boards are part of a joint project to develop a common conceptual framework for developing future accounting standards. The boards published a discussion paper in May 2008 on the reporting entity concept and received comments broadly supporting the boards preliminary views on the subject.
As a follow-up, the exposure draft describes what a reporting entity is, and when an entity controls another entity. It also considers when to present consolidated financial statements, parent-only financial statements and combined statements.
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
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access