Wednesday 24 August 2016
The "Objective and Qualitative Characteristics" phase is part of the Conceptual Framework project.
Objective of financial reporting
The objective identifies the purpose of financial reporting. The other concepts provide guidance on identifying the boundaries of financial reporting, selecting the transactions, other events, and circumstances to be represented, how they should be recognised and measured (or disclosed), and how they should be summarised and reported.
The qualitative characteristics of useful financial information identify the types of information that are likely to be most useful to the existing and potential investors, lenders and other creditors for making decisions about the reporting entity on the basis of information in its financial report (financial information).
IASB and US FASB complete first stage of conceptual framework
IASB and US FASB seek views on two consultative documents on the conceptual framework
US FASB and IASB publish first draft chapters of joint conceptual framework
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