Discussion paper and comment letters - Phase A

In July 2006 the International Accounting Standards Board (IASB) published a discussion paper for public comment.

The draft chapters define the objective of financial reporting, and the qualitative characteristics of decision-useful financial information.  The document is the first to result from the boards� joint project on the conceptual framework.

This project was described in their Memorandum of Understanding published in February 2006, which laid out a joint programme of work for the FASB and the IASB.  The work on the conceptual framework will inform both boards� efforts to achieve the objectives described in the Memorandum of Understanding.