This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Proposed FASB staff position differs from IAS 37

  • FASB (old) Image

28 Jun 2003

The FASB staff has invited comment on a Draft FASB Staff Position (FSP) on accrual of a provision for a legislative requirement to remove asbestos that seems to reach a different conclusion from that in IAS 37 Example 6, "Legal Requirement to Fit Smoke Filters".

The draft FSP concludes that a legal requirement to remove asbestos creates a liability even if the owner of the building with asbestos could sell it subject to the obligation. IAS 37 Example 6 concludes that a legal requirement to fit a smoke filter does not create a liability -- the liability is created only when the filter is actually installed but not yet paid for.

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.