Conceptual Framework—Joint Project of the IASB and FASB

The US Financial Accounting Standards Board (FASB) is redeliberating issues related to its Preliminary Views, Conceptual Framework for Financial Reporting: Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information. Specifically, it is addressing concerns raised by respondents about the role of stewardship in the objective of financial reporting and the logical flow of Chapter 1 of the Preliminary Views. The Board has decided that the “objective of general purpose external financial reporting is to provide financial information about the reporting entity that is useful to present and potential investors and creditors in making decisions in their capacity as capital providers.”