FASB, IASB Release 1st Phase of Joint Conceptual Framework

Yesterday, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) published final documents marking the first phase of their joint Conceptual Framework project. Each board had their own separate Concepts Statements, forming the framework on which accounting standards issued by the board(s) are to be based. As noted in the FASB-IASB joint news release:

The new framework builds on existing IASB and FASB frameworks. The IASB has revised portions of its framework; while the FASB has issued ‘Concepts Statement 8’ to replace ‘Concepts Statements 1 and 2’.

FASB's Concepts Statement No. 8 (aka 'CON 8') is entitled: Conceptual Framework for Financial Reporting—Chapter 1, The Objective of General Purpose Financial Reporting, and Chapter 3, Qualitative Characteristics of Useful Financial Information (a replacement of FASB Concepts Statements No. 1 and No. 2).

The IASB is holding a live webcast at 2 separate times (to accomodate different time zones) today (Wed. Sept. 29) to introduce this first phase of the joint conceptual framework. The webcast will include responding to some questions from listeners.

Yesterday's release marks completion of 'phase A' of the boards' joint Conceptual Framework project. Read more about the remaining phases B-H on the IASB's or FASB's websites.

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