FASB, IASB Release Documents On Conceptual Framework; Comments Due Sept. 29

May 29, 2008

FEI Summary

On May 29, 2008, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced the release of two consultative documents seeking public comment relating to their joint project to develop an improved conceptual framework. The conceptual framework underlies the foundation for the establishment of accounting standards.

The FASB-IASB joint CF project has eight phases listed further below; the documents released May 29 relate to two of those phases: Objectives and Qualitative Characteristics, and the Reporting Entity. The documents released for comment on May 29 are:

• Exposure Draft: Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information, and 
• Preliminary Views: Conceptual Framework for Financial Reporting: The Reporting Entity.

The comment period on the above documents ends September 29.

Further details are in the FASB-IASB’s joint press release.

Prepared May 29, 2008 by Edith Orenstein, Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion unless specifically stated above.