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Conceptual Framework - Bulletin: The asset/liability approach


In 2012, EFRAG and the French Autorité des Normes Comptables (ANC), the Accounting Standards Committee of Germany (ASCG), the Italian Organismo Italiano di Contabilità (OIC) and the UK Financial Reporting Council (FRC) agreed to work in partnership to promote discussion, and to ensure that European views are influential in the debate on the IFRS Conceptual Framework. 

On 12 September 2013, the partnership published a bulletin, The Asset/Liability Approach. This bulletin considers whether the approach adopted in the Conceptual Framework of defining equity, income and expenses on the basis of the definitions of assets and liabilities is satisfactory, and in particular whether it:

  • implies that the presentation of information on income will be subordinated to information on assets and liabilities;
  • provides an appropriate basis for reporting performance;
  • requires that all assets and liabilities are recognised; and/or
  • implies that all assets and liabilities are to be stated at fair value.

Comments on this bulletin were invited by 15 November 2013.

[The dates indicated for the documents below do not correspond to the date the papers were first uploaded on EFRAG's old website]

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