Global Standards for the world economy

Saturday 29 April 2017

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Conceptual Framework

Discussion Paper: Objectives and Qualitative Characteristics [Phase A] [Jul 2006]


 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 


Due process documents
Discussion paper:  Preliminary Views on an improved Conceptual Framework for Financial Reporting [PDF]



Related information

Click here for Comment letter summary 

Click herefor the press release