Conceptual Framework Phase D — Reporting entity
As a result of the IASB's Agenda Consultation project, the IASB decided to reactivate the Conceptual Framework project as an IASB-only comprehensive project. We have created a separate page for this new project.
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 Conceptual Framework project is being conducted in eight phases. Phase D considers:
- the nature of the 'reporting entity'
- the concept of control and the need for consolidated financial statements
- whether a portion of an entity can be a 'reporting entity'.
Current status of the project
The IASB published Exposure Draft ED/2010/2 Conceptual Framework for Financial Reporting: The Reporting Entity on 11 March 2010. In light of comments received, the IASB and FASB decided not to finalise this phase of the overall Conceptual Framework project.
As a result of the IASB's Agenda Consultation project, the IASB decided in September 2012 to reactivate the Conceptual Framework project as an IASB-only comprehensive project. This project will consider the elements of financial statements, measurement, reporting entity, presentation and disclosure.
|October 2004||Comprehensive project added to the active agenda|
|29 May 2008||Discussion Paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity (Phase D)||Comment deadline 29 September 2008|
|11 March 2010||Exposure Draft ED/2010/2 Conceptual Framework for Financial Reporting: The Reporting Entity published (Phase D)||Comment deadline 16 July 2010|
|September 2012||Project discontinued and replaced by IASB-only comprehensive project|