"The International Accounting Standards Board feel the revised Conceptual Framework should not contain a ‘probability criterion’, which means that there may be recognition of assets or liabilities with a low probability of an inflow or outflow of economic benefit."
Sir why can't the Board just not understand that Conceptual framework states that it if there is a low probability of inflow or outflow of an economic resource then it does not give relevant useful information.
Board and Conceptual framework just can't get things sorted?
Ask the Tutor ACCA SBR
IASB V/s Conceptual Framework
also it seems like hypocritical of IASB. IASB hasn't amended IAS 16 recognition criteria for assets(which includes probable economic benefits) , but is preaching Conceptual Framework to remove probability criterion.
5y ago#2Are you going into politics? :)
Remember that under the FW you can only recognise assets etc if they are relevant and if they can be faithfully represented.
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