On 17 October 2015 EFRAG published a questionnaire on the definitions of an asset and of a liability proposed in the IASB Exposure Draft ED/2015/3 Conceptual Framework for Financial Reporting. The purpose of the questionnaire was to ‘test’ whether the proposed definitions were understandable. The test was carried out by asking whether selected cases would result in items meeting various parts of the definitions.

EFRAG has now published a summary of the responses received and has provided the results of the test to the IASB staff.


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