FASB and IASB join forces to seek public comment on the most basic elements of accounting — like what it means to be a "reporting entity."
The Financial Accounting Standards Board and the International Accounting Standards Board are going back to basics: seeking public comment about what is meant by "faithful representation," and what a "reporting entity" is.
FASB and IASB described what they are doing as part of an effort at devising "an improved conceptual framework that provides a sound foundation for developing future accounting standards." The documents that they published today are designed to elicit views on two of the eight phases of their joint project, which will be chapters one and two of the framework.
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