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Conceptual framework — Elements

The objective of this project is to improve the conceptual framework related to elements of financial statements as defined in FASB Concepts Statement No. 6, Elements of Financial Statements.


Meeting minutes

  • June 19, 2019 — The Board discussed the definition of an asset.
  • February 27, 2019 — The Board discussed the definition of a liability.
  • August 22, 2018 — The Board discussed various concepts related to distinguishing liabilities from equity.
  • June 27, 2018 — The Board discussed application issues associated with the agreed-upon tentative definition of a liability.
  • October 11, 2017 — The Board discussed working definitions of revenue and expenses.
  • August 30, 2017 — The Board discussed certain definitions of an asset and liability.
  • May 3, 2017 — The Board added this project to its technical agenda.


Current status

The staff is developing working definitions of revenues and expenses.


Project milestones

Date Developments Comments
May 3, 2017 Added to the FASB's technical agenda.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.