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Conceptual Framework - IASB

Date recorded:

At its meeting on October 18, 2016, the IASB discussed the concepts on executory contracts and the unit of account and the definition of materiality proposed in the May 2015 Exposure Draft, Conceptual Framework for Financial Reporting. The Board also discussed asymmetry in treating gains and losses. Further, the staff introduced an approach to testing of the proposed asset and liability definitions.

At the November Board meeting, the Board will discuss concepts related to: (i) the definition of a liability; (ii) derecognition; and (ii) capital maintenance. The Board will also discuss the results of an exercise undertaken by the staff to test with preparers the effects of the revised Conceptual Framework. Further, the Board will discuss the Updating References to the Conceptual Framework Exposure Draft.

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

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