IASB and FASB complete first stage of conceptual framework | AccountingWEB

IASB and FASB complete first stage of conceptual framework

The International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB) last week announced the completion of the first phase of their joint project to develop an improved conceptual framework for International Financial Reporting Standards (IFRSs) and U.S. generally accepted accounting practices (GAAP).

The objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent, and internationally converged. The new framework builds on existing IASB and FASB frameworks. The IASB has revised portions of its framework; while the FASB has issued ‘Concepts Statement 8’ to replace ‘Concepts Statements 1 and 2.’
 
This first phase of the conceptual framework deals 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 responses.
 
A feedback statement providing an overview of how the IASB responded to comments received through the consultation process is available for download.
 
An IASB podcast summary of the project is available for download in individual mp3 files or from iTunes. A podcast has been posted by the FASB that will examine and explain the purpose of a concepts statement.
 
Related articles:
Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.