Revised Definition of Asset & Liability

This topic has 3 replies, 4 voices, and was last updated 5 years ago by Stephen Widberg.

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August 14, 2015 at 11:45 am #267149
Anirudh
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Hi Dear Mike,

From which date or period the new Asset & Liability definition is applicable?

or is it already in use!

Thanks
August 14, 2015 at 11:57 am #267151
MikeLittle
Keymaster
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“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:

http://www.accaglobal.com/us/en/student/exam-support-resources/fundamentals-exams-study-resources/f7/technical-articles/iasb-conceptual-framework-financial-reporting.html
August 31, 2020 at 9:33 pm #582921
Gitoo
Member
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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.
September 1, 2020 at 1:50 pm #583007
Stephen Widberg
Keymaster
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You should be using the current definitions in the revised framework / standards. The old definitions are now dead and buried.
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