The Board discussed several issues related to the enforceability of contracts under the conceptual model for assets and liabilities arising from contractual rights and obligations.

The staff noted that the discussion related to sales agreements that are enforceable, legally or otherwise. It was further noted that "enforceable" may differ in different legal jurisdictions.

The Board agreed that this would be incorporated into a definition for clarity. This would avoid a need to describe any underlying features of a legal agreement.

The staff expressed a view that it does not change whether there is an intention to enforce the contract. The Board agreed but noted that this may have an impact on measurement.

In addition the staff noted that this would apply equally to probability. The Board agreed. Certain Board members noted that this would need an amendment to the IASB Framework. The Board agreed that if this was the conclusion when everything was brought together the Framework would need to be amended.

The Board agreed that cancellation rights do not render contracts unenforceable and would affect measurement.