Welcome to the website of the IFRS Foundation and the IASB

Sunday 20 April 2014

Banner graphic

Conceptual Framework

IASB meeting summaries


 IASB and FASB March 2009


 

The boards made the following decisions:

  • Each chapter will be published as soon as it is completed.
  • The reporting entity concept will be the subject of a separate chapter.
  • Each framework will maintain its current hierarchical status (see IAS 8 Accounting Policies, Changes in Estimates and Errors and FASB Statement No. 162 The Hierarchy of Generally Accepted Accounting Principles).
  • Current phases of this project will continue to focus on business entities in the private sector (with limited consideration of how the concepts may apply to other types of entities). A later phase will consider whether modifications are needed to address issues or circumstances unique to not-for-profit entities.

In addition, the IASB decided tentatively to amend IAS 8 to reflect the new qualitative characteristics as agreed by the boards. The IASB will expose the proposed amendment for public comment.

Date: 3/24/2009