Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › IASB V/s Conceptual Framework
- This topic has 2 replies, 2 voices, and was last updated 2 years ago by Stephen Widberg.
- AuthorPosts
- May 6, 2021 at 1:21 pm #619866
“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?
May 6, 2021 at 1:24 pm #619867also 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.
May 7, 2021 at 9:46 am #619948Are 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.
- AuthorPosts
- You must be logged in to reply to this topic.