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.
Comments were due on 6 November 2006 , the comment period is now closed.
To view all comment letters click here.
Access the due process documents