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AASB ED 164 An improved Conceptual Framework for Financial Reporting
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In early June the International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) released two documents seeking public comment on the first two of the eight phases of their joint project to develop an improved conceptual framework. The two documents were:

  • A Framework ED which covers the first two chapters of the conceptual framework dealing with an improved objective of financial reporting (Chapter 1) and the qualitative characteristics of information provided by financial reporting and the constraints on providing that information (Chapter 2). 
  • A Discussion paper on the Reporting entity concept settling out the Board’s preliminary views on this concept which is used but not addressed by the IASB framework. The Discussion paper seeks to identify the boundaries of an entity that is reporting, rather than what types of reports these entities should prepare.
The AASB has now released the Framework ED as ED 164 and the reporting entity discussion paper as ITC 17. Both include Australian prefaces.  
 
This article was taken from ANT26/2008 and is current up to 11 June 2008. 
 
6 June 2008 
The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) joint project to develop an improved conceptual framework has published two consultative documents seeking public comment on the first two of the eight phases of this project. They deal with the objectives and qualitative characteristics of financial information and the use of the reporting entity concept. 
 
The first document is an exposure draft of the first two chapters of the framework which deal with an improved objective of financial reporting (Chapter 1) and the qualitative characteristics of information provided by financial reporting and the constraints on providing that information (Chapter 2). The second document sets out the board’s preliminary views on the reporting entity concept and related issues, a topic which was not previously been specifically addressed by the IASB framework. 
 
A full copy of the press release can be accessed via the IASB website. 
 
This article was taken from ANT21/2008 and is current up to 6 June 2008 
 
3 September 2008 
The Institute and CPA Australia has prepared a joint submission on the proposed IASB/FASB Conceptual Framework in response to AASB ED 164 An improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information. 
 
The final submission can be viewed here: