The Financial Accounting Standards Board has outlined a productive year that includes a host of projects coordinated with the International Accounting Standards Board, an exploration into the fundamental concepts of accounting, four substantive standards projects and a half-dozen implementation documents.Arguably, FASB's most far-reaching project is its work on the Conceptual Framework. Any decisions reached on this project - which is being developed in conjunction with the IASB - would impact virtually every accounting standard that will be set in the United States and around the world.

In October of last year, FASB issued a discussion memorandum on the concepts of assets and liabilities with uncertainties, with comments requested by Jan. 3, 2006. These concepts are part of the initial part of an eight-phase approach to the Conceptual Framework, that of "elements, recognition, measurement, attributions."

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