CPA Resources
CPA Resources

FASB, IASB seek comments on financial reporting framework

NORWALK, Conn., March 11, 2010 -- The Financial Accounting Standards Board and the International Accounting Standards Board have published for public comment an exposure draft, "Conceptual Framework for Financial Reporting: The Reporting Entity."

The exposure draft is part of a joint project between the FASB and IASB to develop a common and improved conceptual framework that provides a sound foundation for developing future accounting standards. It discusses what constitutes a reporting entity, which in different situations could be a group of entities, a single entity, or only a portion of an entity.

The exposure draft is available for download at www.fasb.org or www.iasb.org. Interested parties are encouraged to review and provide comments by the July 16, 2010 deadline.

More information about the conceptual framework project is available at www.fasb.org or www.iasb.org.

Bookmark and Share