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FASB, IASB Issue Preliminary Views-Conceptual Framework
July 6, 2006
FEI Summary
On July 6, 2006, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) concurrently released their Preliminary Views (PV) documents on the first phase (first two chapters) of their joint Conceptual Framework Project.
The two chapters covered in the PV document released on July 6 are:
- Objective of Financial Reporting; and
- Qualitative Characteristics of Decision-Useful Financial Reporting Information
We understand the FASB and IASB PV documents are virtually identical, except for some spelling differences due to local custom.
Both the FASB and IASB documents include “Alternative Views” of IASB board members for each of the two chapters (objectives, and qualitative characteristics). On initial review, the documents do not appear to include any alternative or dissenting views from any FASB board members.
The comment deadline on both the FASB and IASB PV documents is Nov. 3, 2006.
Prepared July 6, 2006 by Edith Orenstein (eorenstein@FinancialExecutives.org), Director, Technical Policy Analysis, Financial Executives International (FEI). This summary does not represent FEI opinion, unless specifically noted above.
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