The relevance of reliability: an update on the FASB and IASB joint conceptual framework project.

Financial Executive,  December, 2005  by Heffes, Ellen M.

Tags: Financial Accounting Standards Board

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The first line in Concepts Statement No. 1 (CON1)--issued by the Financial Accounting Standards Board (FASB) in 1978--that forms the underpinning for FASB's Conceptual Framework (CF), reads: "Financial reporting is not an end in itself, but is intended to provide information that is useful in making business and economic decisions."

However, seven Concepts Statements, over 150 Statements of Financial Accounting Standards (FAS) and over 500 Emerging Issues Task Force (EITF) consensuses, FASB Interpretations, Technical Bulletins, FASB Staff Positions (FSP) later--besides ...

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