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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 (
www.fasb.org/draft/pv_conceptual_framework.pdf ). 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.
