The FASB sent out a press release this morning announcing that they’ve “completed the first phase of its joint project with the IASB to develop an improved conceptual framework” and issued Concepts Statement No. 8, Conceptual Framework for Financial Reporting, including Chapter 1, “The Objective of General Purpose Financial Reporting,” and Chapter 3, “Qualitative Characteristics of Useful Financial Information.” You could be excused if you were a little confused about what a “concept statement” from FASB is (we won't tell any one, don't worry). So, here’s their definition: “Concepts Statements are not part of the FASB Accounting Standards Codification™. Concepts Statements are intended to set forth objectives and fundamental concepts to be used by the Board as a basis for developing future Accounting Standards Updates.”
The key point is that IASB and FASB continue to work toward harmonization in what seems like a slow but inevitable process.