IASB and FASB Face Challenges in Pursuit of Joint Conceptual Framework

摘要

Currently, the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) are undertaking a project to develop a common conceptual framework that ... is both complete and internally consistent. Such a framework would provide a sound foundation for developing future accounting standards and is essential to fulfilling the Boards' goal of developing standards that are principles-based, internally consistent, internationally converged, and that lead to financial reporting that provides the information needed for investment, credit, and similar decisions. That framework, which will deal with a wide range of issues, will build on the existing IASB and FASB frameworks and consider developments since they issued their original frameworks. An overview of the importance of the Framework, why the existing Framework does not fully meet the needs of the IASB, FASB, and other accounting standard setters, and the need to revisit the document are discussed in Bullen and Crook (2005) and Johnson (2004a, b, and 2005).