Conceptual Framework Phase G — Application to not-for-profit entities


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 G will consider the applicability of the concepts developed in earlier phases to not-for-profit entities in the private sector.

Current status of the project

The IASB and FASB did not deliberate this phase of the 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. The IASB-only project will not encompass further work on this phase as the current focus of the IASB is on business entities in the private sector.


Project milestones

October 2004 Comprehensive project added to the active agenda
September 2012 Project discontinued when the overall IASB-FASB project was replaced by IASB-only comprehensive project

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.