IASB and FASB March 2009
The boards made the following decisions:
- Each chapter will be published as soon as it is completed.
- The reporting entity concept will be the subject of a separate chapter.
- Each framework will maintain its current hierarchical status (see IAS 8 Accounting Policies, Changes in Estimates and Errors and FASB Statement No. 162 The Hierarchy of Generally Accepted Accounting Principles).
- Current phases of this project will continue to focus on business entities in the private sector (with limited consideration of how the concepts may apply to other types of entities). A later phase will consider whether modifications are needed to address issues or circumstances unique to not-for-profit entities.
In addition, the IASB decided tentatively to amend IAS 8 to reflect the new qualitative characteristics as agreed by the boards. The IASB will expose the proposed amendment for public comment.
Location: London UK
Date: 24/03/2009
Observer Notes