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 H will consider any residual issues after completion of the other phases.

Current status of the project

Deliberations have not begun on this phase of the project.

The overall Conceptual Framework project is currently paused. The IASB expects to recommence development of the Conceptual Framework during 2012.

Project milestones