The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) issued two consultative documents for public comment.
The documents are:
exposure draft An improved conceptual framework for financial reporting: Chapter 1: The objective of financial reporting and Chapter 2: Qualitative characteristics and constraints of decision-useful financial reporting information
consultative document Preliminary views on an improved conceptual framework for financial reporting: the reporting entity
These documents relate to two of the eight phases of the joint project to develop an improved conceptual framework. The objective of the project is to provide a sound foundation for developing future accounting standards.
The first document is an exposure draft, which relates to chapters 1 and 2 of the framework. It seeks views on an improved objective of financial reporting, the qualitative characteristics of information provided by financial reporting and constraints on the provision of that information.
The second document published sets out the boards' preliminary views on the reporting entity concept and related issues.
The Australian Accounting Standards Board (AASB) has replicated and published the two documents ED 164 An improved conceptual framework for financial reporting: the objective of financial reporting and qualitative characteristics and constraints of decision-useful financial reporting information, and ITC 17 Request for comment on IASB discussion paper preliminary views on an improved conceptual framework for financial reporting: the reporting entity for comment.
Members can submit their comments to the IASB by Monday 29 September.
Further information
view copies of the two consultative documents and the media release on the FASB website
