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FASB and the International Accounting Standards Board (IASB) published a draft version of the first two chapters of an enhanced conceptual framework for improving the foundation and concepts underlying global financial reporting ( ). The document is the initial result of the boards’ joint effort to replace their respective existing frameworks with a common approach. The draft chapters define the objective of financial reporting and the qualitative characteristics of financial information useful for making decisions. Future chapters will address technical definitions, as well as the measurement, recognition and presentation of information in financial statements. Comments are due November 3, 2006, and will be considered for an exposure draft to be issued in 2007.


6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.


How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.