Conceptual Framework Phase G — Application to not-for-profit entities
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 G will consider the applicability of the concepts developed in earlier phases to not-for-profit entities in the private sector.
Current status of the project
The IASB and FASB did not deliberate this phase of the project.
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. This project will consider the elements of financial statements, measurement, reporting entity, presentation and disclosure. The IASB-only project will not encompass further work on this phase as the current focus of the IASB is on business entities in the private sector.
|October 2004||Comprehensive project added to the active agenda|
|September 2012||Project discontinued when the overall IASB-FASB project was replaced by IASB-only comprehensive project|