Document icon

Conceptual Framework (joint project FASB / IASB) - Phase B liability definition, including the distinction between a liability and a business risk

Description

In October 2004, the IASB and the FASB decided to add to their agendas a joint project to develop an improved and common conceptual framework that was based on and built on their existing frameworks, (that is, the IASB's Framework for the Preparation and Presentation of Financial Statements and the FASB's Statements of Financial Accounting Concepts).

This was the second phase of the Conceptual Framework project, dealing with the elements of financial statement, i.e. liability definition, including the distinction between a liability and a business risk.   

The IASB and FASB began deliberations on this phase of the project but no due process documents were issued.
Show more...

Documents

No project documents.