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Conceptual Framework

IASB meeting summaries

 IASB / FASB November 2010



The IASB and FASB decided that, because of the need to give priority to other projects targeted for completion in June 2011, the Reporting Entity chapter of the Conceptual Framework will not be finalised during the first quarter of 2011, as had been planned previously. In their discussions, the boards reiterated the importance of this chapter; and they indicated that they would like to discuss further the relevance to the project of some fundamental concepts. These would include the circumstances that allow for combined financial statements and the effect of an entity's ownership structure as it applies to, and affects, the usefulness of reported financial information, chiefly equity and net income.

The boards expect to complete this chapter after June 2011.


Date: 11/17/2010

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