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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

The IASB added this project to its agenda at its September 2012 meeting. Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting was published in July 2013, with a comment deadline of 14 January 2014. The IASB is expected to issue an Exposure Draft during the second quarter of 2015.


Project milestones

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

Correction list for hyphenation

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