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Conceptual Framework — Comprehensive IASB project

Background

The IASB and FASB previously commenced a joint comprehensive project on the Conceptual Framework in 2004 and had split the project into a number of phases.  However, during late 2010, the Board effectively deferred further work on the joint project until after other more urgent convergence projects were finalised.

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.

The IASB decided that:

  • the conceptual framework project should focus on elements of financial statements, measurement, reporting entity, presentation and disclosure
  • the aim should be to work to work towards a single discussion paper covering all these areas, rather than separate discussion papers for each area.

This project page covers details of the IASB-only project.

 

Current status of the project

The IASB added this project to its agenda at its September 2012 meeting. A Discussion Paper is expected in the second quarter of 2013.

 

Project milestones

DateDevelopmentComments
September 2012 IASB-only comprehensive project added to the agenda Discussion Paper expected in 2013, project aims to be completed in 2015

Related Discussions

  • Conceptual framework

  • May 22, 2013

  • The Board discussed the comment period for the Conceptual Framework discussion paper (DP) and the IASB's permission to ballot the DP.

  • Conceptual framework — Elements of financial statements

  • Apr 24, 2013

  • The Board discussed changes from the previous draft where (1) control was moved back in the asset’s definition; (2) past events were moved back in the liability’s definition; and (3) a new conclusion was included in the discussion about the existence uncertainty.

  • Conceptual framework

  • Apr 08, 2013

  • The ASAF was presented with the IASB's approach to revising its Conceptual Framework (measurement, other comprehensive income, components of elements). Also, the members had a more general discussion on other aspects of Conceptual Framework.

  • Conceptual Framework - Elements of financial statements

  • Feb 21, 2013

  • The Board was presented, by the staff, an early draft of the section on the definition of equity and the distinction between liabilities and equity instruments that would be included in the Conceptual Framework discussion paper.

  • Conceptual Framework - Purpose and status (IASB)

  • Feb 20, 2013

  • The staff presented to the Board an early draft of the section on the purpose and status of the conceptual framework that would be included within the Conceptual Framework discussion paper (DP).

  • Conceptual Framework - ASBJ research on the use of OCI (IASB education session)

  • Feb 19, 2013

  • The IASB received a presentation by the staff of the Accounting Standards Board of Japan (ASBJ) on the research that they had undertaken on the use of Other Comprehensive Income (OCI) under existing IFRS. The Staff of the ASBJ presented their findings to the IASB members based upon the order of the slides that each IASB member had.

  • Conceptual Framework (IASB only)

  • Feb 18, 2013

  • The Board discussed an initial draft of the Conceptual Framework discussion paper. The IASB Staff presented to the Board the following sections for discussion: (a) purpose and status of the Conceptual Framework; (b) elements of financial statements; (c) recognition and derecognition; and (d) measurement.

All Related