FASB Proposes New Conceptual Framework Chapter

The FASB has released a proposed chapter, “The Reporting Entity” (Chapter 2), of Concepts Statement No. 8, Conceptual Framework for Financial Reporting. The proposed chapter would establish a framework for “developing standards that meet the objective of financial reporting and enhance the understandability of information for existing and potential investors, lenders, donors, and other resource providers of a reporting entity.”

Comments on the proposed chapter are due by January 16, 2023. For more information, see the press release on the FASB’s Web site.