A new IFRS that focuses on liabilities is to
replace IAS 37 Provisions, Contingent Liabilities and Contingent
Assets.
The International Accounting Standards Board
(IASB) released a staff paper that outlines a working draft of the
new IFRS.
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As the criteria for recognising liabilities will
be different from IAS 37, the staff paper explains how the new
criteria would apply to liabilities arising from lawsuits, and why
the IASB is changing the criteria.
The IASB is not inviting comments on the
change to the recognition criteria because feedback on this change
was gathered in 2005.
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By GlobalData
