FASB and IASB's Phase A discussion paper - focusing exclusively on the objectives of financial reporting and the qualitative characteristics of decision-useful financial reporting information - was issued in July 2006. The proposed increase in scope could have a significant impact on already pressured audit firms, which in turn will significantly increase the costs of compliance from a company's perspective. The proposed new objective focuses on providing information that is useful for decision-making, and the boards argue that assessing management's stewardship is encompassed within the decision usefulness objective. Another important change in the objective of financial reporting is the obvious emphasis on 'investors and creditors' compared to general 'users of financial statements'. The most important, but not so obvious, effect of this primary user group which has been proposed, however, is that investors and creditors have a common interest in financial reporting: assessing the entity's ability to generate future cash flows. Other issues discussed are management commentary, qualitative characteristics, and relevance and reliability.