To improve global financial reporting practices, the world's two major accounting standard-setting bodies-the International Accounting Standards Board (IASB) and the U.S. Financial Accounting Standards Board (FASB)-commenced the joint development of a Conceptual Framework (CF). However, in January 2014, it was decided that IASB/FASB CF would no longer be a joint project but that each board would work on their conceptual framework independently. We critically review Phase A of the revised CF project. In particular, we identify the key concerns raised in the discussion paper and exposure draft concerning the role of stewardship as an objective of financial reporting, the range of potential users of financial reports, and the qualitative characteristics of accounting information, and we examine the extent to which these concerns have been addressed in the revised CF. We then consider the implications of not incorporating the concerns and suggestions raised in the discussion paper and exposure draft on global financial reporting. The analyses reveal that the revised CF has addressed the concerns of various stakeholders to a limited extent only, and many prominent issues have yet to be resolved. Developing a conceptually sound CF is crucial because it will influence the formulation of global accounting standards for many years to come.