Abstract
The current framework was approved in July 1989, and was adopted on April 2001 by the IASB. It sets out the concepts concerning the "preparation and the presentation of financial statements" for users external to the company. However, during these last two decades, the market, the business practices, as well as the economic environment, have evolved. The current framework, no longer reflecting the business reality, is therefore being updated by the IASB and the FASB.
The first phase of this new "Joint Conceptual Framework Project", regarding the objectives of financial statements and its qualitative characteristics was completed on the 28th of December. We will first determine the main strengths and weaknesses of these two sections, and then evaluate the changes that have been made.
