Conceptual Framework — Comprehensive IASB project
Background
The IASB and FASB previously commenced a joint comprehensive project on the Conceptual Framework in 2004 and had split the project into a number of phases. However, during late 2010, the Board effectively deferred further work on the joint project until after other more urgent convergence projects were finalised.
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.
The IASB decided that:
- the conceptual framework project should focus on elements of financial statements, measurement, reporting entity, presentation and disclosure
- the aim should be to work to work towards a single discussion paper covering all these areas, rather than separate discussion papers for each area.
This project page covers details of the IASB-only project.
Current status of the project
This project has been completed. The revised version of the Conceptual Framework was issued on 29 March 2018.
Project milestones
Date | Development | Comments |
---|---|---|
September 2012 | IASB-only comprehensive project added to the agenda | Discussion Paper expected in 2013, project aims to be completed in 2015 |
18 July 2013 | Discussion Paper DP/2013/1 A Review of the Conceptual Framework for Financial Reporting published | Comment deadline 14 January 2014 |
28 May 2015 | Exposure Drafts ED/2015/3 Conceptual Framework for Financial Reporting and ED/2015/4 Updating References to the Conceptual Framework published | Comment deadline 26 October 2015 |
22 September 2015 | IASB decides to extend comment period | New comment deadline 25 November 2015 |
29 March 2018 | revised Conceptual Framework for Financial Reporting and Amendments to References to the Conceptual Framework in IFRS Standards published |