IASB might clarify definitions for balance-sheet items

01/2/2013 | CFO.com

The International Accounting Standards Board says it should work to clarify definitions for assets and liabilities, including balance-sheet items such as revenue recognition, insurance contracts and leases. The IASB pointed to a study in which respondents said stronger definitions would make accounting easier for multinational companies. Respondents also said they want clarity on how to account for intangibles.

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