Auditing and Financial Management:
November 8, 2006, letter commenting on IASB's "Preliminary Views on an Improved Conceptual Framework for Financial Reporting"
Published: Nov 8, 2006. Publicly Released: Nov 8, 2006.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the IASB's Preliminary Views on an Improved 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. We applaud the IASB and the Financial Accounting Standards Board (FASB) for undertaking this project and for cooperating to arrive at a basis for converging accounting standards throughout the world. We believe that a common framework in a single document will enhance understanding and usefulness of financial reporting for preparers, auditors and users.