The IASB discussed how to restart the project on the Conceptual Framework and agreed unanimously with the following approach:
- The project should focus on elements of financial statements (including recognition and derecognition), measurement, reporting entity, presentation and disclosure.
- 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.
- The IASB will conduct this project as an IASB project, not as a joint project with any other standard-setter.
- 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.
- The IASB should complete the project by September 2015.