The International Accounting Standards Board has released a discussion paper laying out the principles underpinning the International Financial Reporting Standards. According to IASB Chairman Hans Hoogervorst, the paper gives stakeholders an opportunity to help shape the future of financial reporting. The issues include the definitions of assets and liabilities, recognition and derecognition, and the distinction between equity and liabilities. The draft will available for public comment until Jan. 14, 2014.

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