Conceptual Framework Phase A – Objective and qualitative characteristics
At their joint meeting in October 2004, the IASB and the US FASB decided to add to their respective agendas a joint comprehensive 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 A deals with:
- the objective of financial reporting – stewardship, primary users, financial stability, and the reporting entity
- qualitative characteristics – the attributes that make financial information useful.
Current status of the project
Phase A of the overall Conceptual Framework project has been completed.
The IASB published Conceptual Framework for Financial Reporting 2010 on 28 September 2010, incorporating Chapter 1 and Chapter 3 of the planned new Conceptual Framework. The new Conceptual Framework combines these new chapters with the text carried forward from the 1989 framework.
|October 2004||Comprehensive project added to the active agenda|
|6 July 2006||Discussion Paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-useful Financial Reporting Information published (Phase A)||Comment deadline 3 November 2006|
|29 May 2008||Exposure Draft An improved Conceptual Framework for Financial Reporting: Chapters 1 and 2 published (Phase A)||Comment deadline 29 September 2008|
28 September 2010
|Conceptual Framework for Financial Reporting 2010 published||Completion of Phase A, effectively immediately applicable|