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Friday 19 December 2014

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Work plan for IFRSs

Conceptual Framework


 

 Conceptual Framework (PAUSED)


 

This project is paused until the IASB concludes its ongoing deliberations about its future work plan (visit the Agenda consultation project page for more information).

The project's overall objective is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged.

This project, undertaken jointly by the IASB and the US FASB, was described in the Memorandum of Understanding.

On 28 September the IASB and the FASB announced the completion of the first phase of this joint project to develop an improved conceptual framework for IFRSs and GAAP. Click here for more information.

 

The Conceptual Framework project aims to update and refine the existing concepts to reflect the changes in markets, business practices and the economic environment that have occurred in the two or more decades since the concepts were first developed.

Its overall objective is to create a sound foundation for future accounting standards that are principles-based, internally consistent and internationally converged. Therefore the IASB and the US FASB (the boards) are undertaking the project jointly.

Read more

Project set-up

The boards are conducting the project in 8 phases. Phase A was completed in September 2010. Phases B, C and D of the project are currently active:


Phases Topics
A Objectives and qualitative characteristics
B Definitions of elements, recognition and derecognition 
C Measurement
D Reporting entity concept
E Boundaries of financial reporting, and Presentation and Disclosure
F Purpose and status of the framework
G Application of the framework to not-for-profit entities
H Remaining Issues, if any

 

Last meeting update

27 September 2012

The IASB discussed how to restart the project on the Conceptual Framework  

Read the full meeting update and all previous updates and observer notes for this project.

Click here to listen to the IASB meeting audio playbacks.

Click here for other public meetings and observer notes.

 

Page last updated: 4 October 2012 

 

Related information

Visit the joint IASB-FASB project summaryon the FASB site

Read the feedback statement providing an overview of how the IASB responded to comments received through the Phase A consultation process

 

 

Click here for the FAQs

Download background material for the 2007 round-table discussions

Read the AcSB's Discussion paper and comments for Measurement Objectives

 

Project contacts

Li Li Lian
IASB Technical Manager (Phase A)
email: llian@ifrs.org

 

Allison McManus
IASB Technical Manager
General enquiries (Phase B)
email: amcmanus@ifrs.org