FASB is seeking feedback on its recently issued conceptual framework chapter that describes a reporting entity.
The proposed chapter, if finalized, will be chapter two of FASB Concepts Statement No. 8, which addresses the conceptual framework for financial reporting.
The FASB conceptual framework is a body of interrelated objectives and fundamentals that provides the board with a tool to set standards.
The new chapter is like the rest of the framework by establishing concepts the board uses in developing standards of financial accounting and reporting.
FASB encourages stakeholders to review the proposed chapter and provide feedback by Jan. 16, 2023.