Conceptual Framework

Status: Deliberation of comments received on Exposure Draft (PDF) in progress.

The AcSB issued an Exposure Draft (PDF) “Conceptual Framework: Objective, Qualitative Characteristics and Constraints” proposing to incorporate proposed changes to the existing IASB Framework into Canadian GAAP for publicly accountable enterprises, private enterprises and not-for-profit organizations. Comments are requested by October 31, 2008.

The IASB and FASB issued an Exposure Draft “Chapter 1: The Objective of Financial Reporting” and “Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information” and a Discussion Paper on “The Reporting Entity.” Comments are due by September 29, 2008.

Background
Activities to Date
Related Information
Contact Information

Background

Objective of this Project
The objective of this joint project of the International Accounting Standards Board and the Financial Accounting Standards Board (the Boards) is to develop a common conceptual framework that is both complete and internally consistent.

AcSB’s Involvement
Developing an improved and converged global financial reporting framework is a high priority to the AcSB and critical to harmonizing accounting standards internationally. Given the AcSB strategic plan to adopt International Financial Reporting Standards for publicly accountable enterprises in Canada, the converged conceptual framework will become that underlying Canadian GAAP in the future and, therefore, of interest. As part of its commitment to developing accounting standards internationally:

• AcSB staff members are actively involved in this project as part of an international team.
• AcSB and its committees discuss and provide comments on documents issued for comment.
• Chair and Senior staff participate in a group with other national standard setters to review the Conceptual Framework deliberations and documents issued for comment and to provide the Boards feedback from a not-for-profit perspective. The Boards are currently developing the improved framework for entities operating for profit and in a later phase, plan to consider the applicability of the proposed framework from a not-for-profit perspective.
  

Additional information on the AcSB’s plan to adopt International Financial Reporting Standards in Canada and other international activities can be found here.

Activities to Date

A summary of tentative decisions reached and other material can be found on the Board’s joint project page here.

Related Information

• Responses to the AcSB's Exposure Draft are available here (PDF)
• Exposure Draft: “An improved Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting” and “Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information” and a summary (PDF) of the proposals
• Discussion Paper: “Preliminary Views on an improved Conceptual Framework for Financial Reporting: The Reporting Entity” and a summary (PDF) of the proposals
• Report on the application to not-for-profit entities in the private and public sector of the IASB/FASB "Exposure Draft of An improved Conceptual Framework for Financial Reporting: Chapter 1: The Objective of Financial Reporting, and Chapter 2: Qualitative Characteristics and Constraints of Decision-useful Financial Reporting Information" and Discussion Paper “Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Reporting Entity”
• Report (PDF) on the applicability to not-for-profit entities in the private and public sector of the IASB/FASB "Preliminary Views on an Improved Conceptual Framework for Financial Reporting: The Objective of Financial Reporting and Qualitative Characteristics of Decision-Useful Financial Reporting Information"

Contact Information

Questions or comments on this project should be directed to: