Conceptual Framework

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.

Where are we now?

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

Phase	Topic
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

Further information

Visit the joint IASB-FASB project summary on the FASB site.
Read the Exposure Draft for Phase A and Phase D Discussion Paper.
View the stages of the Due Process already completed.
Download background material for round-table discussions held in 2007 on measurement.

Conceptual Framework

Where are we now?

Further information

Project contacts