On 29 May 2008 the IASB and US FASB jointly published an exposure draft of chapters 1 and 2 of the joint improved conceptual framework.
The exposure draft seeks views on the boards’ proposed objective of financial reporting, and the qualitative characteristics and constraints of decision-useful financial information.
This draft reflects the boards’ updated proposals in the light of comments received on a discussion paper published in July 2006. The boards considered these comments in 2007 and early 2008.