Conceptual Framework: The Reporting Entity

Last updated on November 2, 2022. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.

(Sections updated on the date above are indicated with an asterisk *)



The objective of the Conceptual Framework project is to develop an improved Conceptual Framework that provides a sound foundation for developing future accounting standards. Such a framework is essential to fulfilling the Board’s goal of developing standards that are principles based, internally consistent, and that lead to financial reporting that provides the information capital providers need to make decisions in their capacity as capital providers.


While the objective of general purpose financial reporting references the term reporting entity, the Conceptual Framework does not describe a reporting entity. Additionally, the term reporting entity is used multiple times in existing Concepts Statements, and paragraph OB1 in Chapter 1, The Objective of General Purpose Financial Reporting, of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, references a concept of the reporting entity. Because the Conceptual Framework is intended to be a coherent system of interrelated objectives and fundamental concepts, there is a need to develop a concept of the reporting entity.

Exposure Draft:

On October 18, 2022, the Board issued proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 2: The Reporting Entity. The comment letter deadline is January 16, 2023.

  • Download the proposed Concepts Statement Chapter.

  • Read the press release on the proposed Concepts Statement Chapter.

Decisions Reached at Last Meeting:

See meeting minutes.

Tentative Board Decisions:

See proposed Concepts Statement Chapter.

The Board meeting minutes, handouts, and videos are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.

The following are links to the minutes for each meeting.  To view Board meetings and handouts from the past 90 days, click here.
July 20, 2022 Board Meeting—The Board decided on a comment period for the proposed Chapter.
June 15, 2022 Board Meeting—The Board began initial deliberations on the reporting entity phase of the Conceptual Framework project.

The comment letter deadline for the proposed Concepts Statement Chapter is January 16, 2023.

Jill Switter
Senior Project Manager

Jim Leisenring
Senior Advisor

Cassie Mongold
Post-Doctoral Fellow

Dylan Ehrnst
Postgraduate Technical Assistant

Charley Heyd
Postgraduate Technical Assistant

The staff has prepared this summary for information purposes only. Any Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.