Auditing and Financial Management:
November 8, 2006, letter commenting on FASB's "Preliminary Views on the 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 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.