Joint IASB and FASB April 2007
The boards discussed phase C: Measurement and the overall project status, plans, priorities and processes.
The boards continued to discuss issues related to milestone I of Phase C. These issues mainly deal with the following primary measurement basis candidates that will be evaluated in milestone II and how they are defined in relation to assets and liabilities:
- past entry price
- modified past entry amount
- past exit price
- current entry price
- current exit price
- current equilibrium price
- value in use
- future entry price
- future exit price
The boards generally accepted the staff’s recommendations for milestone I issues. The consideration of milestone II is planned to begin shortly. As previously agreed, the staff will prepare a summary of milestone I decisions for posting to the boards’ websites. The summary will incorporate refinements suggested in this meeting and provide an easily accessible source for the status of the measurement phase of the Conceptual Framework project as the boards proceed to the next milestone.
The boards discussed the overall project status, plans, priorities, and processes, and:
1. directed the staff to continue to focus on the near-term priorities and completion of work on the first four phases of the project (objectives and qualitative characteristics, elements and recognition, measurement, and reporting entity) before beginning work on presentation and disclosure and the applicability of the conceptual framework to not-for-profit organisations.
2. directed the staff to continue co-ordinating work on conceptual matters with related standards-level projects so as to minimise redundant activities. The staff should also seek opportunities to use board advisers assigned to standards-level projects to assist with issues in the conceptual framework project, so as to maximise the boards’ overall effectiveness.