Conceptual Framework

Liability definition

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Topics hide Liability definition Asset definition Suggested revised Conceptual Framework definitions Guidance on terms Liability To transfer an economic resource ‘Present’ obligation Future events outside the control of the entity Liability definition The current liability definition is that a liability of an entity is a present obligation of the entity arising from past events, the … Read more

Asset definition

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Topics hide Asset definition IAS 38 Intangible assets Analysis of the asset definition Conceptual Framework for Financial Reporting Right Potential to produce economic benefits Control Asset definition There are two asset definitions in current IFRS Standards, in IAS 38 Intangible assets and in the Conceptual Framework for Financial Reporting. The wording deviated but the meaning … Read more