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Conceptual Framework Phase A – Objective and qualitative characteristics

Background

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.

 

Project milestones

DateDevelopmentComments
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

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