IASB and FASB Publish Proposals on Reporting Entity Concept

The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have published for public comment an exposure draft on the reporting entity concept.


The proposals form part of a joint project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards.


A discussion paper on the reporting entity concept was published in May 2008. Respondents broadly supported the boards’ preliminary views. In response to these comments the exposure draft proposes what a reporting entity is and when an entity controls another entity.


Comments on the exposure draft are invited by 16 July 2010.


Suggested Articles

Some of you might have already been aware of the news that Questex—with the aim to focus on event business—will shut down permanently all media brands in Asia…

Some advice for transitioning into an advisory role

Global risks are intensifying but the collective will to tackle them appears to be lacking. Check out this report for areas of concern