The Financial Accounting Standards Board and the International Accounting Standards Board have finished the first phase of a long-term project to rewrite their own conceptual framework, a set of ground rules for making decisions about new accounting rules.
FASB has published Concept Statement No. 8 to replace its existing Concept Statements 1 and 2. The statement defines how FASB should regard the objectives and the qualitative characteristics of financial reporting when considering new accounting rules. The two boards have been toiling on writing the conceptual framework with the hope that it eventually will lead to a more solid foundation for writing accounting standards in the future.
