Project Information Page
Last updated on May 15, 2017. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(Updated sections are indicated with an asterisk *)
The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations. Please refer to the main Conceptual Framework project page for additional information related to the project.
Project Objective and Overview
*Due Process Documents
Decisions Reached at the Last Board Meeting
Tentative Board Decisions Reached to Date
Board/Other Public Meeting Dates
Project Objective and OverviewThe objective of the conceptual framework project is to develop an improved conceptual framework that provides a sound foundation for developing future accounting standards. Such a framework is essential to fulfilling the Board’s goal of developing standards that are principles based, internally consistent, and that lead to financial reporting that provides the information capital providers need to make decisions in their capacity as capital providers. The new FASB framework will build on the existing framework.
*Due Process DocumentsOn August 11, 2016, the Board issued a proposed Concepts Statement chapter, Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 7, Presentation. The due date for comment letters was November 9, 2016.
- Download the August 11, 2016 proposed Concepts Statement chapter, Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 7, Presentation.
- Read the FASB in Focus which summarizes the proposed Concepts Statement chapter.
- Read the press release on the proposed Concepts Statement chapter.
- Read comment letters on the proposed Concepts Statement chapter.
- Read a feedback summary on the proposed Concepts Statement chapter.
Decisions Reached at the Last MeetingSee Board meeting minutes below.
Tentative Board Decisions Reached to DateSee proposed Concepts Statement chapter.
*BOARD/OTHER PUBLIC MEETING DatesThe FASB meeting minutes are provided for the information and convenience of constituents who want to follow the Boards’ deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final Accounting Standards Update.
|May 3, 2017||Board Meeting —The Board discussed the overall project and added to its technical agenda a project on elements. The Board also discussed feedback received from comment letters on the proposed FASB Concepts Statement chapter on presentation.|
|June 1, 2016||Board Meeting—The Board discussed several issues including whether to require specific financial statements, whether to consider the form of settlement of a liability or an asset when grouping recognized items into line items, whether to incorporate discussion of central, peripheral, operating, and nonoperating in the proposed chapter, and whether to emphasize the Conceptual Framework as a nonauthoritative tool for the Board’s use in its standard-setting activities. The Board directed the staff to draft a proposed Concepts Statement for vote by written ballot with a 90-day comment period. The Board also decided to issue the proposed chapter on presentation separate from the proposed chapter on measurement, and discussed including a question in the proposed Concepts Statement about whether particular aspects of the Board’s decisions could be used in determining whether specific characteristics of multiple recognized items should be grouped together for presentation purposes.|
|July 29, 2015||Board Meeting—The Board discussed several issues including whether to present the effects of sales transactions on comprehensive income gross or net, which components of comprehensive income to recognize in other comprehensive income and when, if ever, to recycle them to net income, and whether FASB Concepts Statement No. 5, Recognition and Measurement in Financial Statements of Business Enterprises, precludes allocating cash receipts between categories in the cash flow statement based on estimates.|
|December 16, 2014||Board Meeting—The Board discussed the development of principles for subtotals. The Board also discussed the development of concepts for other comprehensive income.|
|November 24, 2014||Board Meeting—The Board discussed factors for aggregating individual assets, liabilities, equity, revenues, expenses, gains, and losses into line items in the financial statements.|
|June 18, 2014||Board Meeting—The Board discussed how to proceed with the conceptual framework project|
Please refer to the measurement, elements, and disclosure project pages for current Board meeting minutes related to each of those topics within the broader Conceptual Framework project.
*Next StepsThe Board will begin redeliberations on the proposed Concepts Statement chapter at a future meeting.
Senior Project Manager
Ryan J. Carter
Assistant Project Manager
Postgraduate Technical Assistant