IFRS® Standards

Conceptual Framework

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to build on the existing Conceptual Framework by updating, improving and filling in gaps,  rather than fundamentally reconsidering all aspects of the Conceptual Framework.

Staff Contact(s)

Andrew White, CPA, CA

Senior Principal, Accounting Standards Board

Rebecca Villmann, CPA, CA, CPA (Illinois)

Director, Reporting Initiatives and Research

Meeting & event summaries


October 20, 2015

AcSB Decision Summary – October 20, 2015

The AcSB agreed on additional key points to include in the AcSB’s response letter to the IASB's Exposure Draft, “Conceptual Framework for Financial Reporting,” and reviewed a draft of its comment letter.

The AcSB encourages stakeholders to share their views on the Exposure Draft with the IASB by submitting comment letters by November 25, 2015.

September 17, 2015

AcSB Decision Summary – September 17, 2015

The AcSB discussed additional input from its Conceptual Framework Discussion Group and the public roundtable held on September 8, 2015 on the IASB’s Exposure Draft, “Conceptual Framework for Financial Reporting,” and reviewed a draft of its comment letter.

In addition, the AcSB agreed on key points to include in its response letter to the IASB’s Exposure Draft, "Updating References to the Conceptual Framework.”

The AcSB encourages stakeholders to share their views on the Exposure Drafts with the IASB by submitting comment letters by October 26, 2015.

July 23, 2015

AcSB Decision Summary – July 23, 2015

The AcSB considered input from its Conceptual Framework Discussion Group and Academic Advisory Council on the IASB’s Exposure Draft, “Conceptual Framework for Financial Reporting.” The AcSB is developing the points to be included in its comment letter to the IASB and will consider additional views from the Conceptual Framework Discussion Group as well as input from the public roundtable to be held on September 8, 2015. Canadian stakeholders are encouraged to submit their comments to the IASB by October 26, 2015.

March 18, 2015

AcSB Decision Summary – March 18-19, 2015

The AcSB approved a plan to respond to the IASB’s upcoming exposure draft.

December 3, 2013

AcSB Decision Summary – December 3, 2013

The AcSB discussed additional input from its Academic Advisory Council, Conceptual Framework Discussion Group and several members of the IFRS Discussion Group on the IASB’s Discussion Paper, “A Review of the Conceptual Framework for Financial Reporting.” The AcSB reviewed a draft comment letter based on that additional input and provided direction to the staff on how to revise the draft. It also identified the key recommendations for the IASB to consider.

November 6, 2013

AcSB Decision Summary – November 6-7, 2013

The AcSB discussed additional input from its Conceptual Framework Discussion Group and the IASB’s North American Roundtable held in Toronto on October 18, 2013 on the IASB’s Discussion Paper, “A Review of the Conceptual Framework for Financial Reporting.” The AcSB is developing the points to be included in its comment letter to the IASB and will continue to consider additional views from the Discussion Group and its Academic Advisory Council before finalizing its comment letter.

The AcSB encourages stakeholders to share their views on the Discussion Paper with the IASB by submitting a comment letter by January 14, 2014.

September 12, 2013

AcSB Decision Summary – September 11-12, 2013

The AcSB began its discussions of the IASB’s Discussion Paper, “A Review of the Conceptual Framework for Financial Reporting,” based on initial comments from its Conceptual Framework Discussion Group.

The AcSB is hosting the IASB’s North American Roundtables on the proposals in Toronto on October 18, 2013. The AcSB encourages stakeholders to share their views on the Discussion Paper with the IASB by participating in the roundtables and submitting a comment letter by January 14, 2014.

July 10, 2013

AcSB Decision Summary – July 10, 2013

The AcSB approved a plan to develop a response on the forthcoming IASB discussion paper on the conceptual framework. The AcSB plans to seek the views of its Conceptual Framework Discussion Group, Academic Advisory Council and User Advisory Council on the proposals. The AcSB plans to host the IASB’s North American roundtable on this topic in October 2013, and other meetings, to encourage discussion of the proposed concepts in Canada.

The AcSB agreed that it should seek additional members for the Conceptual Framework Discussion Group to gain as many insights as possible from interested individuals.

News


April 9, 2018

News

Final Concepts – IASB® issues revised Conceptual Framework for Financial Reporting

April 9, 2018. The IASB has issued a revised Conceptual Framework for Financial Reporting to replace the Conceptual Framework issued in 2010. The revised Conceptual Framework is effective immediately for the IASB, and from January 1, 2020 for entities, with early application permitted.

August 12, 2016

News

AcSB Exposure Draft – Updating References to the Conceptual Framework

August 12, 2015. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by October 26, 2015.

November 25, 2015

News

AcSB Response – Conceptual Framework for Financial Reporting

On November 25, 2015, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in May 2015. The letter strongly supports the high priority given to this project by the IASB. The letter supports many aspects of the proposed Conceptual Framework including the positioning of stewardship within the discussion of the objective of financial reporting, the reintroduction of an explicit reference to substance over form, and the element definitions. However, the letter notes that a significant amount of thought, analysis, discussion and education is needed to develop measurement concepts and principles that will be useful and effective. As a result, the letter urges the IASB to add a research project on measurement to its agenda. Also, the letter expresses concerns with a number of the proposals including those on prudence, derecognition, transactions with holders of equity claims and the rebuttable presumption regarding reclassifying certain amounts to profit or loss from other comprehensive income. Read the AcSB letter posted by the IASB.

November 25, 2015

News

AcSB Response – Updating References to the Conceptual Framework

On November 25, 2015, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in May 2015. The letter agrees with the proposed amendments because they are necessary to provide a transition period for entities that have used the Conceptual Framework. Read the AcSB letter posted by the IASB.

October 2, 2015

News

AcSB Exposure Draft – Conceptual Framework for Financial Reporting

October 2, 2015. To align with the IASB’s extension, the deadline for comments has been changed to November 25, 2015 from October 26, 2015.

October 2, 2015

News

AcSB Exposure Draft – Updating References to the Conceptual Framework

October 2, 2015. To align with the IASB’s extension, the deadline for comments has been changed to November 25, 2015 from October 26, 2015.

August 27, 2015

News

FYI Article – Influence the Future of Financial Reporting: Revising the Conceptual Framework

August 27, 2015. This article outlines ways Canadians can get involved.

August 12, 2015

News

AcSB Exposure Draft – Conceptual Framework for Financial Reporting

August 12, 2015. The AcSB has issued an Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Canadian stakeholders are encouraged to submit their comments, on the form provided, by October 26, 2015.

July 29, 2015

News

Roundtable Discussion – Stakeholders’ Views Sought on an Exposure Draft on the Conceptual Framework

July 29, 2015. Register to attend the AcSB’s roundtable discussion being held on Tuesday, September 8, 2015 to share your views on the IASB’s Conceptual Framework proposals.

June 2, 2015

News

IASB Exposure Draft – Conceptual Framework for Financial Reporting

June 2, 2015. The IASB has issued an Exposure Draft proposing a revised Conceptual Framework. Canadian stakeholders are encouraged to submit their comments to the IASB by October 26, 2015.

June 2, 2015

News

June 2, 2015. The IASB has issued a separate Exposure Draft to provide transition to the revised Conceptual Framework proposed in its Exposure Draft, “Conceptual Framework for Financial Reporting.” Canadian stakeholders are encouraged to submit their comments to the IASB by October 26, 2015.

January 14, 2014

News

AcSB Response – Conceptual Framework

On January 14, 2014 the AcSB submitted a comment letter to the IASB’s Discussion Paper issued in July 2013. The letter strongly supports a project to complete the IASB’s Conceptual Framework. The letter emphasizes that the Conceptual Framework should be focused at the conceptual level and should include only concepts that have a sound theoretical basis in order to provide an integrated set of concepts that is useful. The letter specifies which concepts should be part of the Conceptual Framework and the other material that, where relevant, should be dealt with outside of the Conceptual Framework. The letter recommends completing, in the proposed timeframe, the topics on asset and liability definitions, recognition and derecognition because they are well advanced and would be of significant benefit in moving forward some important standard-setting projects. However, the topics on liabilities and equity, measurement, presentation and disclosure, and other comprehensive income, require significant further development. The letter proposes that additional targeted research start as soon as possible. Read the AcSB letter posted by the IASB.

August 21, 2013

News

IASB Roundtable – Conceptual Framework Discussion Paper

August 21, 2013. Register to attend roundtable discussions in Toronto on Friday October 18 to share your views with the IASB on the conceptual framework proposals. The discussions will cover measurement, use of other comprehensive income, a topic nominated by participants and a general session covering other areas. Submit suggested topics by September 10, 2013.

July 24, 2013

News

Volunteer Opportunity – Conceptual Framework Discussion Group

July 24, 2013. The AcSB is currently seeking new members for this Discussion Group.

July 18, 2013

News

IASB Discussion Paper – Conceptual Framework

July 18, 2013. The IASB has issued a Discussion Paper exploring possible changes to the Conceptual Framework for Financial Reporting. Canadian stakeholders are encouraged to read the snapshot summary and attend a live webinar before submitting comments to the IASB by January 14, 2014.

July 14, 2010

News

AcSB Response – Conceptual Framework — Reporting Entity

On July 14, 2010, AcSB staff submitted a comment letter responding to the IASB’s Exposure Draft. The letter supports the IASB’s proposed definition of a reporting entity. The letter recommends that the concept of control be explicitly incorporated within the definition to identify the boundaries that define a reporting entity. Also, the letter recommends that the nature of the entity’s business activities demonstrate the unit-of-account to be used to account for entities the reporting entity controls. Read the AcSB letter posted by the IASB.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.