Project UpdateConceptual Framework—Phase D: Reporting EntityLatest revisions: As of 14, April 2009 (Updated sections are indicated with an asterisk *)This project update summarizes the project activities and decisions of the IASB and FASB (the Boards). It was prepared by the staff and is for the information and convenience of the Boards’ constituents. All decisions of the Boards are tentative, may change at future Board meetings, and do not change current accounting and reporting requirements. Decisions of the Boards become final only after extensive due process. Project Objective Phase D Objective The objective of Phase D, Reporting Entity, is to determine what constitutes a reporting entity for the purposes of financial reporting. Due Process Documents The Boards issued their Preliminary Views, Conceptual Framework for Financial Reporting: The Reporting Entity, on May 29, 2008. The comment period ended on September 29, 2008. View the comment letter analysis for the Preliminary Views View the comment letter analysis for the general issues arising from the Preliminary Views *Summary of Decisions Reached at the Last Meeting At the IASB meeting on March 19, 2009 the board decided that:
The IASB instructed the staff to start drafting the exposure draft, cautioning that revisions may be needed when the board discusses comments on ED 10 Consolidated Financial Statements, for which the comment period ended on March 20. Project staff informed the FASB members of the IASB’s decisions at the April 2, 2009 Board meeting, and the FASB members agreed that the staff should begin drafting the exposure draft. *Decisions Reached to Date See minutes below. *Next Steps The staff will begin drafting the exposure draft of the reporting entity concept. *Board/Other Public Meetings View the FASB and IASB meeting handouts, minutes, and updates. Contact Information Nobu Kawanishi
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