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September 27, 2010

IASB and FASB complete first stage of framework

The first phase of improvements to the conceptual framework for IFRS and US GAAP has been completed.

In this phase, the joint project by the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) dealt 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 comments, which have now been included. 

The IASB has revised portions of its framework while the FASB has issued Concepts Statement 8 to replace Concepts Statements 1 and 2.


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