Project history

The IASB added this project to its agenda in October 2004.

The project is being conducted jointly with the US FASB .

The boards consult with their advisory councils for advice on broad strategic issues in the project.

Project plans are updated, reviewed, and approved periodically, generally at the boards’ individual technical planning meetings and their joint meetings.

Stage 3: Development and publication of a discussion paper or an exposure draft

The boards published for comments an exposure draft for Phase A and a discussion paper for Phase D on 29 May 2008.

The exposure draft is a result of consideration of comments received form interested parties on a discussion paper published in July 2006.

The boards also anticipate publishing discussion papers arising from:

Phase B, in the first quarter of 2009
Phase C, in 2009

Estimated project completion

At the October 2006 joint IASB/FASB meeting, the boards agreed that each board, within the context of its current GAAP hierarchy, will finalise the common framework as parts (chapters) are completed, and noted that later parts may include consequential amendments to earlier parts.

The boards noted that the decision of how to finalise the joint framework may need to be readdressed when the boards discuss the placement of the framework within the IASB and FASB hierarchies.

Timetables for two inactive phases (E and F) are to be established.