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Conceptual Framework - IASB

Date recorded:

At its meeting on November 15, 2016, the IASB discussed comments received on the Exposure Draft. The Board discussed the following: (i) that the concepts supporting the liability definition should specify that the entity must have ‘no practical ability to avoid’ transferring an economic resource; (ii) the meaning of the phrase ‘as a result of past events’ in the definition of a liability; and (iii) the effects of proposed changes to the Conceptual Framework on preparers. No decisions were made at the Board meeting.

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

Correction list for hyphenation

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