On September 28, 2010, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) announced that they had jointly completed the initial phase to develop an improved conceptual framework for International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP). As stated in the news release, "[t]he objective of the conceptual framework project is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged." This first phase addresses the "objective and qualitative characteristics of financial reporting." News Release.