Conceptual Framework for Financial Reporting

Canada's Accounting Standards Board (AcSB) has issued an Exposure Draft “Conceptual Framework: Objective, Qualitative Characteristics and Constraints” to incorporate proposed changes to the existing IASB Framework into Canadian GAAP. Comments are requested by October 31, 2008. The IASB and FASB have also issued an Exposure Draft “Chapter 1: The Objective of Financial Reporting” and “Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information” as well as a Discussion Paper on “The Reporting Entity.” Comments are due by September 29, 2008.