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 www.iasb.org. 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.
Neal McGarity, Director of Communications, FASB, telephone: 203-956-5347, email: email@example.com
Mark Byatt, Director of Corporate Communications, IASB,
telephone: +44 (0)20 7246 6472, email: firstname.lastname@example.org
Sonja Horn, Communications Adviser, IASB,
telephone: +44 (0)20 7246 6463, email: email@example.com
About 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 www.fasb.org.
About the IASB
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.