IASB/FASB Conceptual Framework Project

The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have published a draft of the first two chapters of a Conceptual Framework for Financial Reporting. The draft defines the objective of financial reporting and the qualitative characteristics of financial information useful for making decisions. Future chapters will address technical definitions, as well as the measurement, recognition and presentation of information in financial statements.