Conceptual Framework - IASB

Date recorded:

At its meeting on July 18-19, 2016, the IASB continued its discussion of its Conceptual Framework project. In particular, the Board discussed aspects of the definitions of an asset, a liability and an economic resource and some of the concepts supporting those definitions. Further, it discussed recognition and factors to consider when selecting a measurement basis as well as the description of current cost.  The Board plans to discuss further issues related to this project at its meeting in September 2016.

Review the IASB Update on the IASB's Web site.

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