The Financial Accounting Standards Board and the International Accounting Standards Board have published the first draft chapters of a document laying out their views for an enhanced conceptual framework.
The draft chapters define the objective of financial reporting and the qualitative characteristics of decision-useful financial information. The boards are now seeking public comment on their work.
The chapters are the first published work to be released out of a program announced in February. Both boards are looking to update their own individual frameworks, and believe that a common conceptual framework will improve the foundation and concepts that underlie global financial reporting and serve as a more effective guide in developing global financial reporting standards.
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