The Framework was released by a ACRL task force in February 2015 and adopted by the ACRL in January 2016. It is rooted in the theory of threshold concepts, ideas or concepts through which learners in individual disciplines navigate to reach more developed ways of thinking and practicing. It is also based on the work of Wiggins and McTighe, which similar concepts in regard to curriculum design. The Framework has become the leading document for information literacy through which libraries and librarians are informed. In this sense, it has replaced the Information Literacy Competency Standards for Higher Education, which was first introduced in 2000. The Framework is not a set of learning outcomes or standards, but rather a document that describes how information literate adults conceive of and engage with information and research. It can be used to guide the development of standards and learning outcomes.
There are six frames, and each are accompanied by knowledge practices and dispositions which developing learners should demonstrate.
The Information Literacy Standards is more based in definite outcomes for students exiting an academic program of study. These are not specific too anyone discipline and served for many years as the guiding document. The Framework which has replaced them takes a more critical and holistic approach towards how students should be expected to engage with information in the 21st century. Although the standards are no longer "in effect" as a guiding document, they can serve as a model for possible learning outcomes in an information literacy program.
These standards come from Academic BRASS, a subgroup of ALA (American Library Association) for business librarians. This document is based on the Information Literacy Competency Standards and translates the general standards to the business discipline. Introduced in 2003, it was was not from my understanding an official document, but rather an example of applying general standards to a more focused area of expertise.