At its meeting on October 25, 2017, the IASB discussed comments on the pre-ballot draft of the revised Conceptual Framework for Financial Reporting (Conceptual Framework).

Sweep issue—concepts supporting the liability definition

The Board considered concerns raised about the concepts supporting the liability definition. It tentatively decided those concerns can be addressed by improving the drafting, without revisiting earlier Board decisions.

Sweep issue—a flowchart for Chapter 1

The Board considered whether to include in Chapter 1 a flowchart that illustrates the link between the objective of general purpose financial reporting and the information needed to meet that objective. The Board tentatively decided that including such a flowchart in Chapter 1 was unnecessary.

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