IFRS expert David Cairns provides
a round-up of the latest international accounting standards
IASB
Liabilities
The International Accounting Standards Board has issued a staff
paper that explains the application of the proposed International
Financial Reporting Standard, Liabilities, to liabilities arising
from lawsuits. The paper responds to the widespread misunderstanding
that the new IFRS would lead to the recognition of many more liabilities
for lawsuits. The staff paper suggests that changes from current practices
are likely to be rare.
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