Azzali Stefano/ Financial Reporting, Riviste / Fascicolo: 4-2012

The International Accounting Standard Board (IASB) and the Financial Accounting Standard Board (FASB) in October 2004 decided to add to their agendas a joint project to develop a common conceptual framework, based on both the existing IASB Framework and the FASB Conceptual Framework. The joint project IASB – FASB related to the Conceptual Framework (CF) for Financial Reporting (FR), that include 8 Phases (Phase A: Objectives and qualitative characteristics; Phase B: Elements and recognition; Phase C: Measurement; Phase D: Reporting entity; Phase E: Presentation and disclosure; Phase F: Purpose and status; Phase G: Application to non-profit entities; Phase H: Remaining issues) in 2010 produced a first document on the objectives and qualitative characteristics (Phase A). Following this document, the IASB published a new version of its CF composed of 4 chapters (1 – The objective of general purpose financial reporting; 2 – The reporting entity; 3 – Qualitative characteristics of useful financial information; 4 – The Framework (1989): the remaining text):as Chapter 2 is not approved and Chapter 4 is the same of the previous version of CF, the paper briefly show the new objective (Chapter 1) and qualitative Characteristics (Chapter 3) of FR and also propose a link between the CF and the classification of Accounting Studies for the Capital Market. In September 2012, IASB and FASB recommended to focus the project on elements of financial statements, measurement, reporting entity, presentation and disclosure and to propose a single discussion paper covering all the areas, rather than separate discussion papers for each area. […]