This Report focuses on the FASB's conceptual framework as it examines the environment in which the principles and standards of financial accounting and reporting developed, the forces that shaped them, and how the concepts, principles, and standards relate to each other. Reed Storey and Sylvia Storey were the principal authors of the Report. The letter was released by the Society and the FASB today. The present accounting for derivatives is wrong. We prefer FASB's proposed standard.
Correspondents come from the profession and academia.
It is designed to provide brief news of accounting and auditing around the world and is available both by email and on the World Wide Web. Double Entries is edited by Roger Debreceny at the Nanyang Business School, Nanyang Technological University, Singapore. The home page includes a form to complete to subscribe to Double Entries. Wagga Wagga, Australia. Roger is always on the lookout for more correspondents, particularly in those countries which are not yet covered.