This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

SASB: Update of its Conceptual Framework [ED]

The comment period ended on December 31, 2020

Next steps:

The SASB’s Standards Board will consider all public comments submitted and conduct deliberations based on the comments received. At that time, the Standards Board may pursue further revisions of the Conceptual Framework or may approve the Exposure Draft as is.

Last up­dated:

October 2021

Overview

The SASB’s Conceptual Framework document details the principles, objectives, assumptions, and definitions that guide SASB’s thinking and approach to Standard-setting/revising its Standards. The purpose of this Conceptual Framework project is to clarify and strengthen these core principles and concepts that govern SASB’s Standards. In particular, the SASB’s Conceptual Framework document was published in February of 2017 and does not reflect SASB’s updated mission statement, nor does it reflect SASB’s global reach. It also contains outdated assumptions, definitions, and data.

On August 28, 2020, the SASB Standards Board issued an Exposure Draft, Proposed Changes to the SASB Conceptual Framework & Rules of Procedure. The SASB’s Standards Board will consider all public comments submitted and conduct deliberations based on the comments received. At that time, the Standards Board may pursue further revisions of the Conceptual Framework or may approve the exposure draft as is.

Upon the approval of the revised Conceptual Framework by the Standards Board, the approved version will supersede the 2017 version of the Conceptual Framework.

For further details of the project, refer to the project page on the SASB’s website.

 

Recent de­vel­op­ments

    August 2020

    On August 28, 2020, the SASB Standards Board issued an Exposure Draft, Proposed Changes to the SASB Conceptual Framework & Rules of Procedure. Comments are requested by December 31, 2020.

    Related Discussions

    October 2021

    At its meeting on October 1, 2021, the SASB staff presented a status update on the project with a particular focus on two proposed revisions that may articulate the Standards Board’s core principles more clearly without substantively altering them, namely (i) pervasive and ongoing market confusion regarding the term “materiality”; and (ii) consistent market feedback, which has indicated that the “fundamental tenets” outlined in the Conceptual Framework may be more appropriate to include in the Standards Board’s Rules of Procedure. Following discussion, it was agreed that the staff will incorporate the Board’s views on these issues into its next steps, including developing a working draft of the Conceptual Framework with proposed updates, and will continue to engage with the IFRS Foundation’s Technical Readiness Working Group to ensure appropriate alignment with international standard-setting efforts.

    Correction list for hyphenation

    These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.