Conceptual Framework Phase H — Remaining issues


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 H will consider any residual issues after completion of the other phases.


Current status of the project

Deliberations have not begun on 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 will not consider the aspects originally intended to be deliberated in this phase as the remaining topics to be considered as part of the IASB-only project are intended to be developed and issued together.


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

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