Auditing and Financial Management:
November 8, 2006, letter commenting on FASB's "Preliminary Views on the Conceptual Framework for Financial Reporting"
Nov 8, 2006
This letter provides the U.S. Government Accountability Office's (GAO) comments on the FASB's Preliminary Views on the Conceptual Framework for Financial Reporting: Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information. Updating the Conceptual Framework is an important step in moving to useful, principles-based, credible and generally accepted accounting standards. GAO applaud the FASB and the International Accounting Standards Board (IASB) for undertaking this project and for cooperating to arrive at a basis for converging accounting standards throughout the world. GAO believe that a common framework in a single document will enhance understanding and usefulness of financial reporting for preparers, auditors, and users.