PRESS RELEASE
28 September 2010
IASB and US FASB complete first stage of conceptual framework
The International Accounting Standards Board (IASB) and the US Financial Accounting
Standards Board (FASB) today announced the completion of the first phase of their joint
project to develop an improved conceptual framework for International Financial Reporting
Standards (IFRSs) and US generally accepted accounting practices (GAAP).
The objective of the conceptual framework project is to create a sound foundation for future
accounting standards that are principles-based, internally consistent and internationally
converged. The new framework builds on existing IASB and FASB frameworks. The IASB
has revised portions of its framework; while the FASB has issued ‘Concepts Statement 8’ to
replace ‘Concepts Statements 1 and 2’.
This first phase of the conceptual framework deals with the objective and qualitative
characteristics of financial reporting. As part of the consultation process, the IASB and FASB
jointly published a discussion paper and exposure draft that resulted in more than 320
responses.
A feedback statement providing an overview of how the IASB responded to comments
received through the consultation process is available. An IASB webcast introducing this first
phase of the conceptual framework project will be held at 10am London time on Thursday 30
September, and repeated for the convenience of interested parties in different time zones at
3pm London time on the same day.
An IASB podcast summary of the project is available for download in individual mp3 files or
from iTunes. On Friday 1 October, a podcast will be posted by the FASB on www.fasb.org
that will examine and explain the purpose of a concepts statement.
End
The IASB is the independent standard-setting body of the IFRS Foundation.
The IFRS Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, United States of America
Registered Office: 1209 Orange Street | Wilmington | New Castle County | Delaware 19801 | United States of America; Company No.: FC023235.
For press enquiries, please contact:
Mark Byatt, Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472
Email: mbyatt@ifrs.org
Neal McGarity, Director of Communications, US FASB
Telephone: +1 203 956-5347
Email: nemcgarity@f-a-f.org
Notes to editors
About the IASB
The IASB was established in 2001 and is the standard-setting body of the IFRS 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 currently has 14 full-time members drawn from 10
countries and a variety of professional backgrounds. By 2012 the Board will be expanded to 16
members. Board members are appointed by and accountable to the Trustees of the IFRS 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.
About the FASB
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 www.fasb.org.
The IASB is the independent standard-setting body of the IFRS Foundation.
The IFRS Foundation is a not-for-profit corporation under the General Corporation Law of the State of Delaware, United States of America
Registered Office: 1209 Orange Street | Wilmington | New Castle County | Delaware 19801 | United States of America; Company No.: FC023235.
