At its meeting on January 18, 2017, the IASB met to discuss the Conceptual Framework for Financial Reporting (the Conceptual Framework) project. In particular, the Board discussed (i) Factors specific to initial measurement; (ii) More than one relevant measurement basis; (iii) Updating References Exposure Draft—proposed amendments; and (iv) Updating References Exposure Draft—transition and effective date. At the February Board meeting, the Board will discuss: (a) inconsistencies between the revised Conceptual Framework and IFRS Standards; (b) possible temporary relief from applying the amendment (to replace the reference to the Framework with the reference to the Conceptual Framework) to paragraph 11 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors for rate-regulated activities; (c) effects analysis; and (d) due process.

Review the IASB Update on the IASB's Web site.