The International Accounting Standards Board (IASB), and Financial Accounting Standards Board (FASB) have been, since 2005, revisiting their respective conceptual frameworks to build on them by refining and updating them and developing them into a common framework that both can use in developing accounting standards. This chapter provides a review of the new framework issued in September 2010, the future phases of the conceptual framework project and IFRS Practice Statement Management Commentary that was issued in December 2010. The purpose of the conceptual framework is to set out the concepts that underlie the preparation and presentation of financial statements. The IASB issued a Discussion Paper A Review of the Conceptual Framework for Financial Reporting issued in July 2013 to obtain feedback on the main areas that the IASB will consider in developing a new framework.