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FRAMEWORK FACT FILE
- Article from:
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Accountancy SA
- Article date:
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June 1, 2008
- Author:
- Heathcote, Krysta; Human, Erica
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Copyright informationCopyright South African Institute of Chartered Accountants Jun 2008. Provided by ProQuest LLC. (Hide copyright information)
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Phase A of the Framework convergence project: Main changes and stakeholder comment summary
Introduction
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have been working together on specific projects for some years now to update and harmonize some of their existing accounting standards. This is in order to underscore and promote the importance of a sound single set of principle-based and consistent accounting standards, that will lead to sound financial reporting. The Framework project is only one of the joint projects currently being undertaken by the boards; however, the importance of this project cannot be over-emphasized. The ...