NEW YORK- The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) published on May 29, 2008 two consultative documents: “Exposure Draft of Chapters 1 and 2 of the Framework’ and “Preliminary Views on the Reporting Entity Concept”.
Both entities seek public comment on two of the eight phases of their joint project. The objective of the project is to develop an improved conceptual framework that provides a sound foundation for developing future accounting standards.
The IASB and the FASB invite comments on both documents by September 29, 2008.
FASB has been the designated organization in the private sector in the US for establishing standards of financial accounting and reporting.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org