Boards seek constituents’ feedback on proposal that defines objective of financial reporting and qualitative characteristics of decision-useful information.
The US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) today each published for public comment a consultative document setting out their preliminary views on the first two chapters of an enhanced conceptual framework. The draft chapters define the objective of financial reporting, and the qualitative characteristics of decision-useful financial information .
The document is the first to result from the boards’ joint project on the conceptual framework. This project was described in their Memorandum of Understanding published in February 2006, which laid out a joint programme of work for the FASB and the IASB. The work on the conceptual framework will inform both boards’ efforts to achieve the objectives described in the Memorandum of Understanding.
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