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Fixing the asset and liability definitions – but only the bits that are broken
In the next few months, the IASB expects to publish an Exposure Draft of a new Conceptual Framework. Among other things, it is likely to propose changes to the asset and liability definitions, and new concepts to apply in deciding which assets and liabilities should be included (recognised) in the statement of financial position. These changes could affect future IASB decisions about whether particular items are assets and liabilities, and if so, whether the applicable Standard should require those assets or liabilities to be recognised.
1. The role of the Conceptual Framework
The IASB’s Conceptual Framework is not an International Financial Reporting Standard (IFRS). It does not specify requirements for particular transactions and it does not override specific Standards. But it does play an important role in the IASB’s work, providing concepts and precise terminology to guide the IASB in the development of new Standards. Preparers and auditors of financial statements tell us that they use the Conceptual Framework too – it helps them to understand and apply Standards, to select accounting policies for transactions that are not yet covered by a Standard, and to contribute to the devel...