New project page: Liabilities and revenue recognition

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28 Aug 2002

IASB's work programme now includes a project on Liabilities and Revenue Recognition.

The project addresses certain key interrelated conceptual issues that underlie financial reporting:
  • The distinction between liabilities and equity.
  • Liability recognition, including guidance on whether an item meets the definition of a liability and, if so, the criteria for recognising liabilities in the financial statements.
  • General principles for determining when revenue should be recognised in the financial statements. IASB staff are working directly on the revenue recognition component of the project. The IASB is working with the US Financial Accounting Standards Board on the liability definition and recognition components.

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