FASB, Financial Accounting Standards Board.

Conceptual Framework—Joint Project of the IASB and FASB

Last Updated: November 23, 2010

*Board Meeting Materials and Minutes

The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s 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 Statement, Interpretation, or FSP.

View Board meeting materials by year: [2010] [2009] [2008] [2007] [2006] [2005] [2004]

View other public meeting materials by year: [2007] [2006] [2005] [2004]

	Board Minutes
2010 Meeting Materials/Observer Notes	IASB	FASB
*The Reporting Entity	November 17, 2010	November 17, 2010
The Reporting Entity	October 22, 2010	October 22, 2010
Measurement	July 21, 2010	July 14, 2010
Objectives and Qualitative Characteristics	May 17, 2010	May 17, 2010
Measurement: Discussion Paper Questions	May 4, 2010	May 4, 2010

	Board Minutes
2009 Meeting Materials/Observer Notes	IASB	FASB
Measurement: Discussion of the Updates Draft Measurement Chapter of the Conceptual Framework	December 16, 2009	December 16, 2009
Reporting Entity: Comment Period for Exposure Draft	n/a	August 27, 2009
Measurement: Discussion of the Draft Measurement Chapter of the Conceptual Framework	June 2009	June 10, 2009
Objective and Qualitative Characteristics (Drafting the Chapters) Objective and Qualitative Characteristics: Redeliberations on the Objective of Financial Reporting Measurement: Choosing Between a Current Measure and a Non-Current Measure Reporting Entity: Redeliberations of the Issues Raised during the Comment Period (Part 2) Reporting Entity: Redeliberations of the Issues Raised during the Comment Period (Part 3) Objective and Qualitative Characteristics and Reporting Entity: The Primary User Group, Entity Perspective and Parent Company Approach	March 2009	April 2, 2009* *Only the Objective and Qualitative Characteristics and the Reporting Entity Phases were discussed at the April 2, 2009 FASB meeting
Objective and Qualitative Characteristics: Redeliberations of the Issues Raised during the Comment Period Measurement: Narrowing the Set of Measurement Bases Reporting Entity: Redeliberations of the Issues Raised during the Comment Period	January 2009	January 14, 2009

	Board Minutes
2008 Meeting Materials/Observer Notes	IASB	FASB
Measurement: New Approach Forward	November 18, 2008	November 5, 2008
Elements and Recognition: Definition of an Asset and of a Liability	October 20, 2008
Elements and Recognition: Definition of a Liability	n/a	June 25, 2008
Elements and Recognition: Distinguishing a Liability from a Business Risk and Stand Ready Obligations	n/a	May 7, 2008
Implications of the Entity Perspective Objective and Qualitative Characteristics Reporting Entity	April 21, 2008
Issues Arising During Drafting of Objective and Qualitative Characteristics ED and Reporting Entity DP/PV	February 20, 2008	February 20, 2008

	Board Minutes
2007 Meeting Materials/Observer Notes	IASB	FASB
Elements and Recognition: Definition of a Liability Converging and Improving the Definitions Examples	December 13, 2007	December 19, 2007
Measurement: Milestone I Summary Report Measurement Plan Revisions Measurement Basis Decision Tool	November 13, 2007	November 21, 2007
Objective and Qualitative Characteristics Elements and Recognition: Definition of an Asset	October 22, 2007
Interaction Between New Framework and Existing Framework Objective and Qualitative Characteristics: Objective of Financial Reporting Elements and Recognition: Definition of an Asset	October 16, 2007	October 17, 2007
Reporting Entity: Comments on Pre-Ballot Draft	September 19, 2007	September 19, 2007
Objective and Qualitative Characteristics: Redeliberations: Stewardship	September 19, 2007	August 29, 2007
Elements and Recognition: Elements and Recognition: Asset Consultation, Status and Priorities Measurement: Concepts and Principles, Evaluation of Measurement Bases using Concepts and Principles Reporting Entity: Comment Period for Discussion Paper/Preliminary Views	July 17 & 19, 2007	July 11, 2007
Objective and Qualitative Characteristics Redeliberations: Chapter 1 Objective and Qualitative Characteristics Redeliberations: Timeliness	June 20, 2007	June 27, 2007
Reporting Entity: Outstanding Issues	May 16, 2007	May 8, 2007
Objectives and Qualitative Characteristics: Redeliberations on Qualitative Characteristics and General Project Issues	April 18, 2007	May 2, 2007
Measurement 4: Measurement Basis Candidates and Other Milestone I Issues Conceptual Framework: Project Status, Plans, and Priorities Conceptual Framework: Project Processes	April 23, 2007
Elements and Recognition: Distinguishing Liability from Equity (FASB only)	n/a	April 11, 2007
Measurement 3: Measurement Roundtables Summary Measurement 3A: Plan for Using Measurement Roundtables Comments	March 22, 2007	March 28, 2007
Comment Letter Summary: Phase A: Objectives and Qualitative Characteristics Elements: Distinguishing Liability from Equity (IASB only)	February 20, 2007	February 28, 2007

	Board Minutes
2006 Meeting Materials/Observer Notes	IASB	FASB
Reporting Entity issues	December 12, 2006	n/a
Elements 8: Asset Definition (VII); Distinguishing Liability from Equity	November 16, 2006	November 15, 2006
Measurement—Measurement Bases; Procedures for Finalizing the Framework; Project Status and Plans, with a focus on Phase B: Elements and Recognition	October 23, 2006
Comment Letter Summary: Measurement Bases for Financial Accounting—Measurement on Initial Recognition	n/a	October 4, 2006
Elements 7: Asset Definition (VI); Reporting Entity; Comment Letter Summary: Measurement Bases for Financial Accounting—Measurement on Initial Recognition	September 21, 2006	September 27, 2006
Elements 6: Asset Definition (V)	July 18, 2006	July 26, 2006
Elements 5: Asset Definition (IV) and Liability Definition (III): Application of the Working Definitions to Certain Contracts—a Forward Contract and an Entity's Own Shares	June 22, 2006	June 20, 2006
Elements 4: Asset Definition (III) and Liability Definition (II)—Joint Meeting Measurement 1: Planning—Joint Meeting	April 28, 2006
Reporting Entity 2 (IASB only) Distinguishing Liability from Equity (IASB only)	April 26, 2006	n/a
Reporting Entity 2 Invitation to Comment, Selected Issues Related to Assets and Liabilities with Uncertainties (FASB only) (pages 4-7)	March 30, 2006	April 5, 2006
Elements 3: Asset Definition Elements 2: Liability Definition	February 23, 2006	March 1, 2006

	Board Minutes
2005 Meeting Materials/Observer Notes	IASB	FASB
Qualitative Characteristics 6: Costs and Benefits Elements 1: Asset Definition Reporting Entity: Preliminary Staff Research	December 13, 2005	December 14, 2005
Qualitative Characteristics 5: Process for Assessing Qualitative Characteristics Objectives and Qualitative Characteristics—Do They Need to Differ for Particular Types of Entities? Objectives of Financial Reporting Staff Draft Project Status and Plans, Including Due Process	October 19, 2005 October 25, 2005	October 25, 2005
Qualitative Characteristics 4: Process for Assessing Qualitative Characteristics Reporting Entity—Planning Issues Prospective Information (Forecasts)—Planning Issues FASB (only) Invitation to Comment—Assets and Liabilities with Uncertainties	September 22, 2005	September 21, 2005
Stewardship and Accountability, Relationships between Qualitative Characteristics, and Understandability and Materiality	July 2005	July 27, 2005
Qualitative Characteristics 2: Qualitative Characteristics other than Relevance and Reliability (Faithful Representation)	June 2005	June 22, 2005
Qualitative Characteristics 1: Relevance and Reliability	May 2005	May 25, 2005
Objectives of Financial Reporting—Joint Meeting	April 22, 2005
Draft Project Plan Draft Project Plan Appendix	February 2005	February 23, 2005
Draft of Initial Staff Communications Document	January 2005	January 19, 2005

	Board Minutes
2004 Meeting Materials/Observer Notes	IASB	FASB
Conceptual Framework—Joint Meeting	October 20, 2004

Other Public Meeting Materials

2007	Meeting of:	Materials
February 27	SAC	Conceptual Framework (Paper 4) Phase B: Elements—Definition of an Asset (Paper 4A)
January/February	Measurement Roundtables	Roundtable Materials Roundtable Audio Webcasts

2006	Meeting of:	Materials
December 8	SBAC	Attachment B—Definition of an Asset
December 7	FASAC	Attachment F—Definition of an Asset
September 25-26	WSS	Project Update (Paper 1) Asset Definition (Paper 1A) Measurement Phase Plan (Paper 1B) Conceptual Framework Slides (Paper 1C)
June 26	SAC	Project Update (Paper 9) Measurement Paper (Paper 9A) Appendix
June 22	FASAC	Attachment B—Measurement
June 21	SBAC	Attachment C—Measurement
April 11	UAC	Objective of Financial Reporting, Point of View of Financial Reporting, Stewardship (page 4)
March 23	FASAC	Attachment E—Invitation to Comment, Selected Issues Relating to Assets and Liabilities with Uncertainties, pages 27-29 Attachment F—Objective of Financial Reporting, pages 30-33
February 28	SAC	Update on Progress to Date (Paper 4) Revisiting the Concepts (Paper 4A) Asset Definition (Paper 4B) Presentation by James Leisenring (Paper 4C) Presentation by Ian Hague (Paper 4D)

2005	Meeting of:	Materials
December 1	FASAC	Attachment B—Invitation to Comment, Selected Issues Relating to Assets and Liabilities with Uncertainties
September 26-27	WSS	Conceptual Framework Conceptual Framework: Process for Assessing Qualitative Characteristics Cases for breakout groups on Conceptual Framework—Qualitative Characteristics
September 22	FASAC	Attachment E—Understandability and Materiality, pages 34-44
June 22	SBAC	Attachment D—Objectives: User Needs, Decision-Usefulness, and Stewardship and Accountability, pages 18–30
June 21	FASAC	Attachment F—Neutrality and Faithful Representation
April 20	WSS	Project Plan (Paper 4)
March 22	FASAC	Attachment D—Objectives and User Needs
February	SAC	Conceptual Frameworks (Paper 4)

2004	Meeting of:	Materials
December 2	FASAC	Attachment D—Joint Conceptual Framework Project
December 1	SBAC	Attachments B & C—An Introduction to the Conceptual Framework and a New Joint Project to Improve It (pages 2–15) & Assessing the Benefits and Costs of a Proposed Change to Accounting and Reporting Standards (pages 16–29)
November 18	SAC	Conceptual Framework (Agenda Paper 2)
September	FASAC	Attachment E—The FASB’S Conceptual Framework: Relevance and Reliability
June	FASAC	Attachment E—The FASB’s Conceptual Framework: Issues Involving the Definition of Liabilities
March	FASAC	Attachment D—Revisiting the FASB’s Conceptual Framework

Conceptual Framework—Joint Project of the IASB and FASB

Last Updated: November 23, 2010

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