Revised Definition of Asset & Liability

"IASB'S CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING" is in the syllabus for September 2015 and could well appear in September's exam Within the IASB's paper on the Conceptual Framework you will find revised definitions of the elements of financial statements This link should help: www.accaglobal.com/us/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/iasb-conceptual-framework-financial-reporting.html

Hi, The answer is not clear to me. E.g If like in Question Kutchen (part b) from Specimen paper where difference between equity and liabilities was asked what definition should be included in the answer if such question comes in Sept 2020 exam.?Whether revised definition or the old definition.

You should be using the current definitions in the revised framework / standards. The old definitions are now dead and buried.