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 Conceptual Framework project is being conducted in eight phases. Phase F will consider the Conceptual Framework's authoritative status, with the goal of developing a framework that is of comparable authority for the use of both the IASB and FASB in the standard-setting process.

Current status of the project

The IASB and FASB did not deliberate this phase of the 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. The IASB-only project will consider the elements of financial statements, measurement, reporting entity, presentation and disclosure. Work on the 'purpose and status' aspects was discontinued as one of the objectives of that phase was to reach a converged IASB-FASB view on the secondary purpose of the framework to assist preparers in preparing financial statements (which is not present in US GAAP).

Project milestones