Global Standards for the world economy

Wednesday 28 September 2016

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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