This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Concepts (Elements of financial statements)

Background

This is a project was initiated in 2001 and was intended to explore similarities and differences between the definitions of the elements of financial statements (assets, liabilities, equity, revenues, expenses, gains, and losses) in the (then) IASC Framework and the existing conceptual frameworks of national standard setters to determine whether there are differences that are impediments to convergence.

 

Current status of the project

At the April 2004 joint IASB-FASB meeting, the boards discussed a staff proposal to undertake a joint project to develop a common (converged) conceptual framework that both boards agree on and that improves on their two existing frameworks. More information can be found on our IASB-FASB Conceptual Framework project page.

 

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.