ASAF Staff Paper on Definition of a business
Sep 15, 2016
On September 15, 2016, the International Accounting Standards Board (IASB) released a Staff Paper from the Accounting Standards Advisory Forum (ASAF) comparing the FASB ED and IASB ED on the definition of a business.
The purpose of this paper was to obtain advice from ASAF members on the IASB ED. They were specifically seeking ASAF members’ advice on whether the wording differences between the IASB ED and the Proposed Accounting Standards Update Clarifying the Definition of a Business (the FASB ED) issued by the FASB in November 2015 would lead to converged outcomes for the same transaction; that is whether the same transaction would be accounted for consistently under the two sets of proposals.
Review the Staff Paper on the IASB's website.
