AASB paper discusses accounting for liabilities

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The Australian Accounting Standards Board (AASB) has published a paper providing a conceptual analysis of the principal issues concerning the financial reporting of liabilities. The paper advocates a broad definition of ‘liabilities’, that liabilities be recognised on the basis of meeting the definition alone rather than separate recognition criteria, and that liabilities be measured at current value measurement on initial recognition and in most cases in subsequent periods.

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