IASB and FASB publish proposals on reporting entity concept

The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) today 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. (Read the IASB Press Release and access the exposure draft Conceptual Framework for Financial Reporting: The Reporting Entity.)