"Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-useful Financial Reporting Information" 
 
The Discussion Paper (DP) provides the 2 standards boards views on what a joint (or common-global) conceptual framework will be, so as to assist both Standards Setters and users of financial reports in making decisions on accounting standards. However the DP makes it clear that the IASB (and AASB) which requires one to ‘consider’ the framework and the FASB which has no such requirement, is an Issue to be sorted out at a later time given that the US is re-looking at this Issue (P2). 
 
The DP (P8) notes that at this time the draft framework only covers ‘for profit entities in the private sector’ but that ‘not-for-profits’ and the ‘public sector’ will also be considered at a later date. This limits the use of the framework for Australia, as the AASB is required to consider these other groups in its Accounting Standards. 
 
Whilst the first 2 chapters of the framework as covered by the DP are not likely to be controversial, the 3 other Phases will be, as they include recognition and measurement, as well as the reporting entity (general purpose external financial reports) boundaries (P10). 
 
The Institute's submission to the AASB can be found here (pdf). The IASB submission can be found here (pdf).