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Article: FASB and IASB publish first draft chapters of joint conceptual framework.(In Brief)
- Article from:
- Accountancy Ireland
- Article date:
- August 1, 2006
CopyrightCOPYRIGHT 2006 Institute of Chartered Accountants in Ireland. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have published 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.
At present, the boards are each guided by their own individual framework. These differ from each other in various respects, are incomplete, and are not up to date. The publication ...