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On 11 March 2010 the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) published for public comment an exposure draft on the reporting entity concept.
The proposals form part of a joint project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards.
A discussion paper on the reporting entity concept was published in May 2008. Respondents broadly supported the boards’ preliminary views. In response to these comments the exposure draft proposes what a reporting entity is and when an entity controls another entity.
The Exposure Draft was open for comment until 16 July 2010.
