Conceptual Framework Phase A — Objective and Qualitative Characteristics
Presentation of the staff summary of comments received
The Board was joined by IASB Member Tom Jones and various members of the FASB staff by video and audio link.
The IASB staff presented a preliminary analysis of the major issues raised by respondents to the Exposure Draft of Chapters 1 and 2 of the IASB Framework, which addressed the Objective of Financial Reporting and the Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information. There were some general comments from Board members, but no decisions were asked for. The staff will return with specific issues for decision at subsequent meetings.
Project plan
The Board agreed the following project plan:
Month |
Major issues and objectives for the meeting |
---|---|
February 2009 |
Chapter 2
|
March |
Chapter 1
|
March (Joint) |
|
April |
Other sweep issues (if necessary) |
May/June |
Ballot and publish final chapters |
The Board also agreed that further public roundtables on Chapters 1 and 2 were not necessary.
General comments
The staff discussed briefly a summary of comments received on the 'preface' to the ED on Chapters 1 and 2 and the Discussion Paper on The Reporting Entity. The staff noted that a number of the issues raised by constituents will feature in future discussions, either at the joint IASB-FASB meeting in March 2009 or other meetings. These include:
- how the Boards intend to finalise the revised Framework (chapter by chapter or all at once),
- the status of the Framework in the IASB and FASB hierarchy, and
- the application of the IASB Framework to not-for-profit entities