The IASB issued a new Conceptual Framework for Financial Reporting that, among other things, provides,
A) no changes in the definitions of assets and liabilities.
B) no changes in the definitions of assets and liabilities but more detailed guidance for interpreting definitions.
C) clearer definitions of assets and liabilities including more detailed guidance for interpreting definitions.
D) clearer definitions of assets and liabilities and consequently less detailed guidance for interpreting definitions.

Question

Quizplus · Accepted Answer

The new Conceptual Framework provides clearer definitions of assets and liabilities as well as more detailed guidance for interpreting those definitions.

The IASB Issued a New Conceptual Framework for Financial Reporting