FRSC Invites Comments on IASB Proposals on Reporting Entity Concept (05-10)

May 2010

The Financial Reporting Standards Council (FRSC) invites comments on an exposure draft Conceptual Framework for Financial Reporting: The Reporting Entity, issued by the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB).

The proposals form part of a joint project to develop a common and improved conceptual framework that provides the basis for developing future accounting standards. The exposure draft proposes what a reporting entity is and when an entity controls another entity.

Comments on the exposure draft are invited by July 16, 2010. The IASB exposure draft Conceptual Framework for Financial Reporting: The Reporting Entity is available for download from the Get involved/Comment on a proposal page of the IASB website at www.iasb.org or from the FRSC website. Comments may be sent electronically to the IASB through the Get involved/Comment on a proposal page of the IASB website.