Comment Document on Phase A ED and Phase D DP - FINAL

A Report on the Application to Not-for-profit Entities in the Private and Public Sectors of The IASB/FASB Conceptual Framework Project’s Exposure Draft of An improved Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information and Discussion Paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity July 2008 Chairs and Senior Staff of: Australian Accounting Standards Board Canadian StsNew Zealand Financial Reporting Standards Board United Kingdom Accounting Standards Board 2 What this Report is About and Why it has been Prepared This Report has been prepared by a group of chairs and senior staff members of standard-setting bodies in Australia, Canada, New Zealand and the United Kingdom. It comments on the applicability to not-for-profit entities in the private and public sectors of the concepts proposed in the first Exposure Draft in the IASB/FASB Conceptual Framework Project on The Objective of Financial Reporting and the Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information (“the Exposure Draft”) and the preliminary views expressed in the second Discussion Paper in that project, on The Reporting Entity (“the Discussion Paper”). The IASB/FASB ...