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IASC and FEE hold joint conference on financial reporting.

IASC AND FEE HOLD JOINT CONFERENCE ON FINANCIAL REPORTING

The International Accounting Standards Committee (IASC) and the Federation des Experts Comptables Europeens (FEE) jointly sponsored a conference on the objectives and underlying concepts of financial reporting. Representatives of standard-setting bodies in 20 countries, as well as representatives from the United Nations, the European Community and the Organization for Economic Cooperation and Development attended the conference.

The focus of the gathering was on the need for a conceptual framework for financial reporting at both the national and international levels and on the desirability of international harmony on this point. An exchange of views and experiences on existing frameworks took place, and similarities and differences between those frameworks were identified.

At the end of the conference, Arthur Wyatt, IASC chairman, said ASC'S role should include broader educational efforts and conferences to explore differing views. The conference identified a number of issues for further consideration, including the determination of the appropriate measurement or valuation model in the financial statement and defining the reporting entity for which the financial statements should be prepared.
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Title Annotation:International Accounting Standards Committee, Federation des Experts Comptables Europeens
Publication:Journal of Accountancy
Date:Sep 1, 1991
Words:179
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