In new exposure documents published May 29, FASB and IASB say "the objective of the project is to develop an improved conceptual framework that provides a sound foundation for developing future accounting standards."

The first document published is an exposure draft of chapters 1 and 2 of the framework. It seeks views on an improved objective of financial reporting, the qualitative characteristics of information provided by financial reporting and constraints on the provision of that information.

The second document published sets out the boards' preliminary views on the reporting entity concept and related issues. Although the reporting entity concept determines some important aspects of financial reporting, the Boards' existing frameworks do not address it specifically.

Comments on the documents are due by Sept. 29.