Global Standards for the world economy

Sunday 23 October 2016

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Conceptual Framework

IASB meeting summaries

 IASB / FASB May 2010



The IASB and FASB discussed two issues that arose from the ballot draft on the objective of financial reporting and the qualitative characteristics chapters. The boards decided that materiality is an entity-specific aspect of relevance rather than a constraint to be considered in setting financial reporting standards. The boards also discussed how best to describe the objective of financial reporting. The boards directed the staff to prepare a new ballot draft to reflect both the discussion of the objective and the results of the decision about materiality.

Date: 5/17/2010