Project Update

Conceptual Framework—Reporting Entity

Last updated on November 23, 2010. 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 *)

This project update summarizes the project activities and decisions of the IASB and FASB (the Boards). It was prepared by the staff and is for the information and convenience of the Boards’ constituents. All decisions of the Boards are tentative, may change at future Board meetings, and do not change current accounting and reporting requirements. Decisions of the Boards become final only after extensive due process.

Project Objective
Due Process Documents
*Summary of Decisions Reached at the Last Meeting
Decisions Reached to Date
*Next Steps
*Board/Other Public Meetings
Contact Information

Objective of Reporting Entity Phase

The objective of the Reporting Entity phase, is to determine what constitutes a reporting entity for the purposes of financial reporting.

*Due Process Documents

The Boards issued their Exposure Draft, Conceptual Framework for Financial Reporting: The Reporting Entity, on March 11, 2010. The comment period ends on July 16, 2010.

View comment letters for the Exposure Draft.

View the comment letter analysis for the Exposure Draft.

View the comment letter analysis for the Preliminary Views

View the comment letter analysis for the general issues arising from the Preliminary Views

*Summary of Decisions Reached at the Last Meeting

November 19, 2010 Joint Board Meeting

The Boards discussed some of the issues raised in comment letters on the Exposure Draft, Conceptual Framework for Financial Reporting: The Reporting Entity, and concluded that significant time will be required to satisfactorily address those issues. Because of the priority placed on other projects, the Boards concluded that they cannot devote the time necessary to properly address those issues in the near future.

Decisions Reached to Date

Decisions reached to date are reflected in the Exposure Draft currently exposed for public comment.

*Next Steps

The staff will continue to analyze the issues and develop alternative ways to resolve them. The Boards will discuss them when the necessary time is available. That is not expected to occur during the first half of 2011.

*Board/Other Public Meetings

View the FASB and IASB meeting handouts, minutes, and updates.

Contact Information

Nobu Kawanishi
FASB International Fellow
nkawanishi@fasb.org