Concepts (Elements of financial statements)
This is a project was initiated in 2001 and was intended to explore similarities and differences between the definitions of the elements of financial statements (assets, liabilities, equity, revenues, expenses, gains, and losses) in the IASC Framework and the existing conceptual frameworks of national standard setters to determine whether there are differences that are impediments to convergence.
Current status of the project
At the April 2004 joint IASB-FASB meeting, the boards discussed a staff proposal to undertake a joint project to develop a common (converged) conceptual framework that both boards agree on and that improves on their two existing frameworks. More information can be found on our Conceptual Framework project page.