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Conceptual Framework Phase C — Measurement

As a result of the IASB's Agenda Consultation project, the IASB decided to reactivate the Conceptual Framework project as an IASB-only comprehensive project. We have created a separate page for this new project.

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 C deals with how the various elements of the financial statements (such as assets, liabilities, revenues, expenses) should be measured.

Current status of the project

The IASB and FASB began deliberations on this phase of the project but no due process documents were issued.

As a result of the IASB's Agenda Consultation project, the IASB decided to reactivate the Conceptual Framework project as an IASB-only comprehensive project. This project will consider the elements of financial statements, measurement, reporting entity, presentation and disclosure.

 

Project milestones

DateDevelopmentComments
October 2004 Comprehensive project added to the active agenda
September 2012 Project discontinued and replaced by IASB-only comprehensive project

Related Discussions

  • Conceptual framework

  • Sep 28, 2012

  • The staff presented their proposals to the Board as to how to approach the project on the conceptual framework. The staff recommended that the conceptual framework project should focus on elements of financial statements, measurement, reporting entity, presentation and disclosure. They also noted that the aim would be to work towards a single discussion paper covering all of the areas (rather than the previous joint IASB and FASB phase project on the conceptual framework), rather than separate discussion papers for each area.

  • Conceptual framework — Measurement

  • Jul 21, 2010

  • The IASB was presented with three questions: (1) What are the implications of the objective of financial reporting for measurement? (2) What are the general implications of the fundamental qualitative characteristics of useful information for measurement? (3) What should the measurement chapter accomplish?

  • Credit Risk in Liability Measurement

  • Oct 21, 2009

  • At that meeting the Board decided to stop work on credit risk in liability measurement as separate project and not to reach a general conclusion on credit risk at this time. Instead, the issues will be incorporated into the Conceptual Framework Measurement project.

  • Conceptual Framework Phase C — Measurement

  • Jun 17, 2009

  • The Board discussed a draft chapter on measurement that might form the basis of a joint IASB-FASB discussion paper. The sample chapter very basic; it did not include a basis for conclusions or other supporting material that would be included in an actual measurement chapter.

  • Conceptual Framework Phase C — Measurement

  • Mar 20, 2009

  • The Board held a lively, if inconclusive, discussion of an aspect of the measurement chapter of the proposed conceptual framework. The staff continues to develop issues for inclusion in a discussion paper.

  • Conceptual Framework Phase C — Measurement

  • Jan 20, 2009

  • The Board continued its discussions of the chapter of the Framework devoted to measurement. No formal decisions were made, although the Board did give a very strong indication of its views at several points.

  • Conceptual Framework Phase C — Measurement

  • Nov 18, 2008

  • The Board discussed a paper in which the FASB staff assigned to this joint project attempted to identify factors to consider when selecting a basis for measurement after initial recognition.

  • Conceptual Framework Phase C — Measurement

  • Jul 19, 2007

  • The staff noted that the Board was at the beginning of Milestone II of this phase of the Conceptual Framework project and that it had agreed to have a discussion of measurement concepts and principles at this stage.

  • Conceptual Framework Phase C — Measurement

  • Apr 23, 2007

  • The Boards discussed a revised staff analysis of measurement basis candidates, which was prepared after considering comments and other input derived from suggestions made by Board members and Roundtable participants.

  • Conceptual Framework Phase C — Measurement

  • Mar 22, 2007

  • The staff presented a paper summarising comments shared by participants at the conceptual framework project – measurement roundtables held in January and February, 2007, with members of the Boards and staff of the IASB and FASB.

  • Conceptual Framework

  • Apr 28, 2006

  • During the discussion on the conceptual framework project, the Boards deliberated on the elements phase of the working definitions of an asset and a liability and the proposed plan for the measurement portion of the conceptual framework project.

All Related