IASB and FASB October 2008

The boards tentatively adopted the working definitions of an asset and of a liability for Phase B (recognition and measurement) of their joint project on the conceptual framework prepared by the staff. Please refer to the observer note on the IASB Website at http://www.iasb.org/NR/rdonlyres/48828CBF-941B-4E69-A64E-529A4E38C760/0/CF0810jointb02obs.pdf  

Next step

The boards will consider at future meetings how the working definition of a liability interacts with the boards’ joint project on financial instruments with characteristics of equity.