IASB FRAMEWORK

Objective of IASB Conceptual Framework

Objective of IASB Conceptual Framework

Objectives

On the 28th of September 2010, the FASB and IASB announced that they have completed the first phase of the development of an improved conceptual framework for the US Generally Accepted Accounting Practices (GAAP) and International Financial Reporting Standards (IFRS) (www.ifrs.org, n.d.).

The objective of this joint project was to develop a strong foundation for the accounting standards of the future that would be internationally converged, internally consistent, and based on principles. This new conceptual framework was developed on the basis of existing FASB and IASB frameworks (www.fasb.org, n.d.). While the FASB ...