Discussion paper and comment letters
In February 2006 the IASB and the FASB published a Memorandum of Understanding (MoU) A Roadmap for Convergence between IFRSs and US GAAP�2006 to 2008, affirming their commitment to convergence.
One of the goals for 2008 set out in the MoU is �to have issued one or more due process documents relating to a proposed standard� on the distinction between liabilities and equity.
This discussion paper, which comprises an Invitation to Comment and the FASB Preliminary Views document, fulfils that commitment. The Invitation to Comment includes background information relevant to International Financial Reporting Standards (IFRSs). It also includes questions for respondents that are in addition to those asked in the FASB document.
Comment letter deadline: The discussion paper was open for comment until 5 September 2008. The comment period is now closed.
Click here to read the comment letters.