FASB News Release

NEWS RELEASE 03/11/10

FASB and IASB Issue Exposure Draft on the Reporting Entity Concept

Norwalk, CT, March 11, 2010—The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) today published for public comment the Exposure Draft (ED), Conceptual Framework for Financial Reporting: The Reporting Entity.

The ED is part of a joint project between the FASB and IASB to develop a common and improved conceptual framework that provides a sound foundation for developing future accounting standards. It discusses what constitutes a reporting entity, which in different situations could be a group of entities, a single entity, or only a portion of an entity.

The ED is available for download at www.fasb.org or www.iasb.org. Interested parties are encouraged to review and provide comment on the ED by the July 16, 2010 deadline. More information about the Conceptual Framework project is available at www.fasb.org or by visiting www.iasb.org.

Contacts:

Neal McGarity, Director of Communications, FASB, telephone: 203-956-5347, email: nemcgarity@f-a-f.org

Mark Byatt, Director of Corporate Communications, IASB,
telephone: +44 (0)20 7246 6472, email: mbyatt@iasb.org

Sonja Horn, Communications Adviser, IASB,
telephone: +44 (0)20 7246 6463, email: shorn@iasb.org