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Conceptual Framework Phase B — Elements and recognition

As a result of the IASB's Agenda Consultation project, the IASB decided to reactivate the Conceptual Framework project as an IASB-only comprehensive project. We have created a separate page for this new project.

Background

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 B deals with:

    • the various elements of financial statements – assets, liabilities, equity, revenues and expenses
    • the recognition requirements for each element.

 

Current status of the project

The IASB and FASB began deliberations on this phase of the project but no due process documents were issued.

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.

 

Project milestones

DateDevelopmentComments
October 2004 Comprehensive project added to the active agenda
September 2012 Project discontinued and replaced by IASB-only comprehensive project

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.