The FASB and the IASB are reconsidering the definition of an asset and the criteria for asset recognition.

Name: The FASB and the IASB are reconsidering the definition of an asset and the criteria for asset recognition.
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Quizplus · Accepted Answer

This statement is true. The FASB (Financial Accounting Standards Board) and the IASB (International Accounting Standards Board) have been working on a joint project to clarify and improve the definition of an asset and the criteria for asset recognition.

The FASB and the IASB Are Reconsidering the Definition of an Asset