November 8, 2006, letter commenting on IASB's "Preliminary Views on an Improved Conceptual Framework for Financial Reporting"

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.