IASB and FASB complete first stage of conceptual framework

Posted by AccountingWEB on 5303 printer friendly

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:
Tags 
FASB
IASB
IFRS

Voice of the Editor

Results from a recent AICPA survey disclosed the two top priorities for CPA firms as they plan for the future: bringing in new business and finding talent. Our goal at Sift Media is to help our readers deal with the issues most important to them. One way in which we are doing this is through the launch of our new recruitment/placement service, Going Concern Jobs. Check it out today for your talent needs.
Read more
Gail Perry, CPA
Publisher/Editor-in-Chief, AccountingWEB
editor@accountingweb.com
ADVERTISEMENT

This Week on AccountingWEB

Russ Wilson of Moss Adams talks with us about the firm's collaboration with WWU in educating and developing talented accounting and business professionals.
Plante Moran CPAs Gordon Krater, Alicia Sturtevant, and Susan Perline spoke with AccountingWEB about the firm's Women in Leadership initiative.
Jeff Thomson, CMA, president and CEO of the IMA, talks with us about the 2013 jobs market for accounting professionals.
Todd Lisle of BKD LLP and Amy Welch of OSCPA share their stories of helping tornado victims in Moore, Oklahoma.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT