IASB and FASB Joint Conceptual Essay

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This is important, because it shows specific issues that are being dealt with, surrounding how a reporting entity will account for these issues. (Conceptual Framework 2011)

The measurement phase is when you were creating standards that can be used to accurately calculate the financial information that is being provided. Where, both entities have identified a number of issues that can help to create a universal standard to include: valuation strategies, confidence in the standards that are being presented and how to calculate interest rates along with other charges. In this case, a tremendous amount of progress has been made in: determining the various standards and which ones will be used. This helps to support the objectives and qualitative characteristics, by ensuring that a standard of measurement is used that takes into account these different viewpoints.

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(Conceptual Framework 2011)

The reporting phase is when there is a discussion about: what is considered to be a financial entity and the standards that they must follow. Currently, this part of the process is open for public comments until July 16th. This is significant, because there are a wide variety of techniques that are used to determine what kind of entities must follow these different standards. As, some businesses are established as financial holding companies, while others are created as S corporations or limited liability companies. Understanding how to apply these standards to: a variety of organizations; will ensure that there is some kind of uniformity is created in various accounting procedures. Once this occurs, it means that this can help to: improve transparency and provide clarity about the organization. (Conceptual Framework.....

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