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Conceptual framework — Comprehensive project

The objective of the conceptual framework project is to develop an improved conceptual framework that provides a sound foundation for developing future accounting standards.

In October 2004, the FASB and IASB began a joint project to develop a common conceptual framework. On September 28, 2010, the boards issued two chapters of the revised framework (Chapter 1, “The Objective of General Purpose Financial Reporting,” and Chapter 3, “Qualitative Characteristics of Useful Financial Information”). Later in 2010, the FASB and IASB suspended this joint project to focus on other projects in their respective agendas. In 2012, the IASB restarted its conceptual framework project independently of the FASB.

On January 29, 2014, the FASB added to its technical agenda a research project on conceptual framework.

The FASB will look at different aspects of conceptual framework separately, starting with presentation and measurement followed by the liability-equity distinction.

 

Meeting minutes

  • May 3, 2017 — The Board discussed issues relating to the overall conceptual framework project, including the objective of financial reporting, presentation, measurement, and elements.
  • November 30, 2016 — The Board discussed issues relating to the development of a proposed Concepts Statement addressing measurement.
  • June 1, 2016 — The Board discussed the development of its proposed chapter on presentation.
  • December 16, 2015 — The Board discussed how to determine initial carrying amounts and changes in carrying amounts.
  • November 2, 2015 — The Board discussed issues relating to the development of a Concepts Statement addressing measurement.
  • August 26, 2015 — The Board discussed the types of expenditures and other items that might be included in initial carrying amounts of assets, liabilities, and equity instruments.
  • July 29, 2015 —The Board discussed issues relating to the development of a FASB Concepts Statement addressing measurement and presentation.
  • February 18, 2015 — The Board discussed methods of identifying, and recognizing changes in, carrying amounts.
  • December 16, 2014 — The Board discussed how to separate liabilities into concepts for establishing standards for determining changes in carrying amounts.
  • November 19, 2014 — The Board discussed a process for establishing standards for determining changes in carrying amounts (remeasurements or subsequent measurements).
  • June 18, 2014 — The Board decided to proceed with the project.
  • January 29, 2014 — The Board decided to add a research project on conceptual framework.

 

Current status

On August 11, 2016, the FASB issued an exposure draft, Concepts Statement 8 — Conceptual Framework for Financial Reporting, Chapter 7: Presentation. Comments are due by November 9, 2016.

 

Project milestones

Date Developments Comments
January 29, 2014 Added to the FASB's technical agenda.
August 11, 2016 Exposure draft, Concepts Statement 8 — Conceptual Framework for Financial Reporting, Chapter 7: Presentation. Comments due November 9, 2016.

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