Project Update

Conceptual Framework—Objective and Qualitative Characteristics

Last updated on October 8, 2010.

(Updated sections are indicated with an asterisk *)

*Due Process Documents
Board/Other Public Meetings
Contact Information

Due Process Documents

On September 28, 2010, the Boards completed this phase of the project and the FASB issued Concepts Statement No. 8, Conceptual Framework for Financial Reporting, including Chapter 1, “The Objective of General Purpose Financial Reporting”, and Chapter 3, “Qualitative Characteristics of Useful Financial Information”.

The Boards issued an Exposure Draft, Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics and Constraints of Decision-Useful Financial Reporting Information, on May 29, 2008. Read comment letters on the Exposure Draft.

On July 6, 2006, both Boards published for public comment an IASB Discussion PaperFASB Preliminary Views, Preliminary Views on an Improved Conceptual Framework for Financial Reporting: Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information. View the comment analysis.

Board/Other Public Meetings

View the FASB and IASB meeting handouts, minutes, and updates.

Contact Information

Liz Gagnon
Assistant Project Manager
eagagnon@fasb.org