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EFRAG/ANC staff paper on the definition of an asset


In October 2007, the IASB considered an IASB staff paper on a proposed new definition of an asset. The paper was produced as part of the IASBs work on the revision of the Conceptual Framework phase B Definition of Elements, Recognition and Derecognition.

It was decided that staff from EFRAG and the Autorité des Normes Comptables (ANC) should comment on this proposal by issuing a research paper on the proposal and thereby providing input to the IASB on it work on the Conceptual Framework. The paper was finalised in the beginning of 2010.

The research paper indicated that the IASB staff had removed problems related to the ambiguity of the notion of "control" and to the identification of "a past event" included in the definition of an asset when the paper was produced. However, the proposed alternative also had its weaknesses.

It is important to note that the research paper is a staff paper and does not necessarily represent the views of the EFRAG or the ANC.

By issuing the research paper on 1 February 2010, the project was finalised.
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