Global Standards for the world economy

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Conceptual Framework

IASB meeting summaries

 IASB September 2012


The IASB discussed how to restart the project on the Conceptual Framework and agreed unanimously with the following approach:

  1. The project should focus on elements of financial statements (including recognition and derecognition), measurement, reporting entity, presentation and disclosure.
  2. The aim should be to work towards a single Discussion Paper covering all of these areas and then a single Exposure Draft, rather than separate documents for each area.
  3. The IASB will conduct this project as an IASB project, not as a joint project with any other standard-setter.
  4. The IASB should have a consultative group for this project. National standard-setters, or regional organisations of standard-setters, should constitute a significant proportion of the membership of the group.
  5. The IASB should complete the project by September 2015.


Date: 9/27/2012