Our previous column kicked off a series on the Financial Accounting Standards Board's new project to update the 25-year-old conceptual framework by proposing that it explain that the mission of financial reporting is to promote the efficiency of capital markets and, in turn, economies. Among other things, this modification would inject a new criterion into the board's decision process as it frames, analyzes and considers issues.

This shift would, we think, tilt financial statements toward serving the public's needs instead of the narrow needs of the board's competing constituents. This column picks up that theme and applies it to the objective of financial reporting.

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