8—Conceptual Framework for Financial Reporting—Chapter 7, Presentation, which was issued in August 2016. The IASB met on 20 June 2018 to discuss the dynamic risk management (DRM) research project. The FASB and IASB began a joint agenda project to revisit their conceptual frameworks for financial accounting and reporting in 2002. The joint conceptual framework project of the IASB and the FASB was initiated in 2002 as a direct result of the Norwalk Agreement, under which the two boards agreed to work jointly on future standards and to align existing ones. 8, and that the content will be the same as the related Exposure Draft. At their joint meeting in October 2004, the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework, based on and built on both the existing IASB Framework and the FASB Conceptual Framework, that both Boards would use as a basis for their accounting standards.. The FASB’s was the first, dating mainly from the nineteen seventies, and consists of seven substantial concepts statements, each published separately. The objective of the conceptual framework project is to create … ters of the joint FASB/IASB conceptual framework will be called FASB Statement of Concepts No. IASB and the FASB are working on a common Conceptual Framework to promote the convergence of International Financial Reporting Standards (IFRS) and U.S. GAAP, ultimately leading to a single set of high-quality global accounting standards (Gore & Zimmerman 2007). No other sections finished. FASB did not agree with effective control as the basic principle and did not join the IASB in the project. 00980_02_ch01_p0001-0036.qxd 9/8/09 … John Hughes / April 27, 2018. The proposal generated 17 comment letters. In September 2010, the IASB and FASB published virtually identical chapters on “Objectives and Qualitative Characteristics” of the new Conceptual Framework. The Conceptual Framework project is a joint project between the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) to develop an improved and common conceptual framework (Conceptual Framework for … It discusses, in particular, the possible use of fair value as the preferred measurement basis. It seemed to me that the project might have been ongoing for as long as I’d been more than vaguely aware of IFRS, and for once my memory wasn’t too flawed: the IASB and the FASB initiated a joint project to revise their conceptual frameworks in 2004, and issued two chapters of a revised conceptual framework … The IASB/FASB conceptual framework revision project. This paper analyses various controversial issues arising from the current project of the IASB and FASB to develop a joint conceptual framework for financial reporting standards. The project, which is being done jointly by FASB and IASB, grew out of an agreement reached by the two boards in October 2002 (the 'Norwalk Agreement').The IASB-FASB con­ver­gence project was of par­tic­u­lar im­por­tance as: 1. The intention of the joint fasb/iasb conceptual framework was developed to improve and build upon the existing framework already being implemented.The joint conceptual StudentShare Our website is a unique platform where students can share their papers in a … Comprehensive income has much broader scope than net income, as it also includes changes in equity. In October 2004, the FASB and IASB agreed to add to their respective agendas a joint project to develop a common conceptual framework. Background. The IASB recently issued its revised conceptual framework for financial reporting. The International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) today announced the completion of the first phase of their joint project to develop an improved conceptual framework for International Financial Reporting Standards (IFRSs) and US generally accepted accounting practices (GAAP). At their joint meeting in October 2004, the IASB and the US FASB decided to add to their respective agendas a joint project to develop a common conceptual framework, based on and built on both the existing IASB Framework and the FASB Conceptual Framework, that both Boards would use as a basis for their accounting standards. FASB framework includes five elements: revenues, expenses, gains, losses, and comprehensive income. The FASB Chairman questioned whether as a result of not including OCI in the Conceptual Framework it would be harder to justify using it than it OCI had been included in the Conceptual Framework. Abstract This chapter analyses issues arising from the project of the IASB and FASB to develop a joint conceptual framework for financial reporting standards. The goal was to converge the existing frameworks and ultimately replace them with a new and improved single framework. Each board bases its accounting standards decisions in large part on the foundation of objectives, characteristics, definitions, and criteria set forth in their existing conceptual … Both the FASB and the IASB already have conceptual frameworks. The eight phases of the joint FASB and IASB framework project are: 1) objective and qualitative characteristics, 2) elements and recognition, 3) presentation and disclosure, 4) reporting entity, 5) measurement, 6) framework for GAAP hierarchy, 7) applicability to the not-for-profit sector, and 8) any remaining issues needing to be addressed. The file will be updated for any changes in title or content in the final FASB document. IASB and FASB Joint Discussion Paper: The Discussion Paper states the purpose of conceptual framework to establish a common framework of the concepts that underlie financial reporting. It discusses their possible implications for measurement and, in particular, for the use … The IASB’s conceptual framework – always on the route. The common framework is expected to suit the requirements of … The joint efforts of IASB and FASB to develop a common conceptual framework although full of challenges (McGregor and Street, 2007), would be a … The FASB’s OCI decision was specific to discussions on Proposed ASU 2016-300, Concepts Statement No. The IASB completed IFRS 10 in May 2011. Agenda Paper 4A provided a summary of discussions to date for information only. The objective of this project is to eliminate a variety of dif­fer­ences between International Financial Reporting Standards and US GAAP. Discusses, in particular, the possible use of fair value as the preferred measurement basis changes. 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