Chronology
For the complete Conceptual Framework project chronology, please go to our Conceptual Framework Project Overview page.
Timetable
Background
At their joint meeting in October 2004, the IASB and the US FASB decided to add to their respective agendas a joint
project to develop a common conceptual framework, based on and built on both the existing IASB Framework and the FASB Conceptual Framework, that both Boards would use as a basis for their accounting standards.
The two boards reached the following tentative decisions about the approach to the project:
- The project should initially focus on concepts applicable to business entities in the private sector. Later, the boards should consider the applicability of those concepts to other sectors, beginning with not-for-profit organizations in the private sector.
- The project should be divided into phases, with the initial focus being on achieving the convergence of the frameworks and improving particular aspects of the frameworks dealing with objectives, qualitative characteristics, elements, recognition, and measurement. Furthermore, as the frameworks converge and are improved, priority should be given to addressing issues that are likely to yield benefits to the boards in the short term, that is, cross-cutting issues that affect a number of their projects for new or revised standards.
- The converged framework should be in the form of a single document. It should include a summary and a basis for conclusions.
Project Is Being Conducted in Eight Phases
The Conceptual Framework project is being conducted in eight phases. We have organised our project notes on IAS Plus with a separate web page for each phase plus a page on the overall approach to the project (click below to go to the relevant page):
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