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Conceptual Framework (joint project FASB / IASB) - Phase A Objectives and qualitative characteristics


The International Accounting Standards Board and the US Financial Accounting Standards Board (the Boards) were developing a common conceptual framework (ie a single converged framework) that is both complete and internally consistent and otherwise improves upon the existing frameworks of both Boards.

Such a framework would provide a sound foundation for developing future accounting standards and was considered essential to fulfilling the boards' goal of developing standards that were principles-based, internally consistent, internationally converged, and that lead to financial reporting that provides the information needed for investment, credit, and similar decisions. The Boards were conducting the project in eight phases.

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