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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 fourth quarter of 2014.


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

Related Discussions

  • Conceptual Framework

  • Mar 14, 2014

  • Members of the IASB Staff provided the Board with a high level summary of the comment letters received on and outreach undertaken during the comment period of the Discussion Paper on the Conceptual Framework. The Board was not asked to make any decisions.

  • IASB activities update

  • Feb 24, 2014

  • IASB Chairman Hans Hoogervorst and others from the IASB provided an update on recent IASB activities.

  • IASB Chairman and Senior Technical Directors’ reports

  • Oct 17, 2013

  • The IFRS Foundation Trustees received a report from Mr Hoogervorst (IASB Chair) and senior technical directors. An update on the operation of the Accounting Standards Advisory Forum (ASAF) was received, and various IASB projects were discussed.

  • Conceptual Framework

  • Jun 10, 2013

  • The IFRS Advisory Council discussed the IASB's comprehensive project on the Conceptual Framework.

  • 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).

All Related