Project Information Page
Last updated on January 20, 2016. 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.
OVERVIEWThis page contains information pertinent to the overall Conceptual Framework project. For specific details about each topic, please refer to the links below:
|Elements and Recognition|
PROJECT OBJECTIVEThe 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.
Tentative Board Decisions Reached to DateThe Board discussed whether and how to proceed with the conceptual framework project and decided to begin with presentation and measurement followed by the liability-equity distinction.
Next StepsPlease refer to the measurement, presentation, disclosure, recognition and elements, and reporting entity project pages for next steps related to each of those topics.
Due Process DocumentsPlease refer to the measurement, presentation, disclosure, recognition and elements and reporting entity project pages for due process documents issued related to each of those topics.
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.
|June 18, 2014||Board Meeting—The Board discussed how to proceed with the conceptual framework project|
Please refer to the measurement, presentation, and disclosure project pages for current Board meeting minutes related to each of those topics within the broader Conceptual Framework project.
BACKGROUND INFORMATIONIn October 2004, the FASB and the IASB added to their agendas a joint project to develop an improved, common conceptual framework that builds on their existing frameworks (that is, the IASB’s Framework for the Preparation and Presentation of Financial Statements and the FASB’s Concepts Statements).
In 2010, the FASB and the IASB issued two chapters of a revised conceptual framework. For the FASB, they were issued as a part of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting. These chapters became effective as soon as they were issued and now form part of the FASB’s existing Conceptual Framework.
- Chapter 1, The Objective of General Purpose Financial Reporting
- Chapter 3, Qualitative Characteristics of Useful Financial Information
- In 2008, issued Preliminary Views, Conceptual Framework for Financial Reporting: The Reporting Entity, and in 2010, issued a proposed Concepts Statement, Conceptual Framework for Financial Reporting: The Reporting Entity
- Discussed the definition of the elements of financial statements
- Discussed and held public roundtable meetings about measurement concepts.
On January 29, 2014, the FASB Chairman, in consultation with the other Board members, decided that the FASB would perform research on the conceptual framework project. This project is no longer being conducted with the IASB.