The True blood Report was produced at the end of the APBs standard setting tenure. It is similar in some ways to FASBs SFAC 1, but differs in numerous respects. What are the major differences in the two documents? Does the FASB's concept provide a more reasonable general framework given the political and regulatory environment in the U.S.? How does the FASB/IASB joint conceptual framework differ from these documents and what does it say about financial reporting standard setting going forward? (SFAC 8)