Conceptual Framework Phase D — Reporting entity

As a result of the IASB's Agenda Consultation project, the IASB decided to reactivate the Conceptual Framework project as an IASB-only comprehensive project. We have created a separate page for this new project.

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 D considers:

    • the nature of the 'reporting entity'
    • the concept of control and the need for consolidated financial statements
    • whether a portion of an entity can be a 'reporting entity'.

 

Current status of the project

The IASB published Exposure Draft ED/2010/2 Conceptual Framework for Financial Reporting: The Reporting Entity on 11 March 2010.  In light of comments received, the IASB and FASB decided not to finalise this phase of the overall Conceptual Framework 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.

 

Project milestones

DateDevelopmentComments
October 2004 Comprehensive project added to the active agenda
29 May 2008 Discussion Paper Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity (Phase D) Comment deadline 29 September 2008
11 March 2010 Exposure Draft ED/2010/2 Conceptual Framework for Financial Reporting: The Reporting Entity published (Phase D) Comment deadline 16 July 2010
September 2012 Project discontinued and replaced by IASB-only comprehensive project

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