The FASB's objectives for financial reporting in SFAC are similar in some ways to the Trueblood Report but differ in numerous respects. What are the major differences in the two documents? Does the FASB's attempt provide a more reasonable general framework given the politicized environment in which the FASB must operate? How does Chapter 1 of the joint conceptual framework differ from these documents and what does it say about financial reporting standard setting going forward? (SFAC 8, which includes Chapter 1, is posted on Blackboard in the assignments area).