Conceptual Framework — Comprehensive IASB project
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
Exposure Drafts ED/2015/3 Conceptual Framework for Financial Reporting and ED/2015/4 Updating References to the Conceptual Framework were published in May 2015 with comments requested by 26 October 2015. The IASB will decide on the project direction in 2016.
|September 2012||IASB-only comprehensive project added to the agenda||Discussion Paper expected in 2013, project aims to be completed in 2015|
|18 July 2013||Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting published||Comment deadline 14 January 2014|
|28 May 2015||Exposure Drafts ED/2015/3 Conceptual Framework for Financial Reporting and ED/2015/4 Updating References to the Conceptual Framework published||Comment deadline 26 October 2016|