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.
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