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

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

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