NEWS RELEASE 03/11/10
FASB and IASB Issue Exposure Draft on the Reporting Entity
ConceptNorwalk, CT, March 11, 2010—The Financial
Accounting Standards Board (FASB) and the International Accounting Standards
Board (IASB) today published for public comment the Exposure Draft (ED),
Conceptual Framework for Financial Reporting: The Reporting Entity.
The ED is part of a joint project between the FASB and IASB to develop a
common and improved conceptual framework that provides a sound foundation for
developing future accounting standards. It discusses what constitutes a
reporting entity, which in different situations could be a group of entities, a
single entity, or only a portion of an entity.
The ED is available for
download at www.fasb.org or
Interested parties are encouraged to review and provide comment on the ED by the
July 16, 2010 deadline. More information about the Conceptual Framework project
is available at www.fasb.org
or by visiting www.iasb.org.
McGarity, Director of Communications, FASB, telephone: 203-956-5347, email: firstname.lastname@example.org
Byatt, Director of Corporate Communications, IASB,
telephone: +44 (0)20 7246
6472, email: email@example.com
Horn, Communications Adviser, IASB,
telephone: +44 (0)20 7246 6463, email: firstname.lastname@example.org
the Financial Accounting Standards Board
Since 1973, the
Financial Accounting Standards Board has been the designated organization in the
private sector for establishing standards of financial accounting and reporting.
Those standards govern the preparation of financial reports and are officially
recognized as authoritative by the Securities and Exchange Commission and the
American Institute of Certified Public Accountants. Such standards are essential
to the efficient functioning of the economy because investors, creditors,
auditors, and others rely on credible, transparent, and comparable financial
information. For more information about the FASB, visit our website at http://www.fasb.org/.
The IASB was established in 2001 and is the
standard-setting body of the International Accounting Standards Committee (IASC)
Foundation, an independent, private sector, not-for-profit organisation. The
IASB is committed to developing, in the public interest, a single set of high
quality, global accounting standards that provide high quality, transparent and
comparable information in general purpose financial statements. In pursuit of
this objective the IASB conducts extensive public consultations and seeks the
co-operation of international and national bodies around the world. The IASB has
15 full time members drawn from ten countries and a variety of professional
backgrounds. By 2012 the IASB will be expanded to 16 members. Members are
appointed by and accountable to the Trustees of the IASC Foundation, who are
required to select the best available combination of technical expertise and
diversity of international business and market experience. In their work the
Trustees are accountable to a Monitoring Board of public authorities.