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ASBJ continues short discussion paper series

  • ASBJ (Accounting Standards Board of Japan) Image

12 Nov 2015

The Accounting Standards Board of Japan (ASBJ) has published the second issue of a new series of short discussion papers intended to contribute to the global discussion around financial reporting standards. Issue No.2 is entitled 'Recognition Criteria in the Conceptual Framework'.

The ASBJ publishes the paper as a contribution to the global debate about the recognition criteria in the Conceptual Framework. In the paper, the ASBJ analyses the need for a probability criterion. The ASBJ concludes that a robust description of such a criterion would be necessary while the use of the critrion is not always necessary. In particular, the ASBJ believes that:

  • for the recognition of an asset or a liability that reflects a right or an obligation that results from a transaction, it is not necessary to apply a probability criterion;
  • for the recognition of an asset or a liability that reflects a right or an obligation that results from other events, it will be necessary to apply a probability criterion.

Please click to access the discussion paper on the ASBJ website. The first paper in the series, entitled 'Is OCI Unnecessary?' was published in May 2014.

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