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. Redeliberations are expected to begin in the first quarter of 2016. The IASB aims to finalise the revised Conceptual Framework 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|