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Liabilities Related to IASB/FASB Conceptual Framework Project

Briefly discuss how accounting convergence efforts addressing liabilities is related to the IASB/FASB conceptual framework project.

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Accounting convergence efforts are an attempt to form a single set of standards for United States accounting documents (which
are the responsibility of the Financial Accounting Standards Board) and the standards for accounting documents that are used in other countries (which are under the International Accounting Standards Board).

The goal is to have a common set of definitions that will not change from country to country. These include the various elements in financial statements, including qualitative ...

Solution Summary

This is a brief discussion of how accounting convergence efforts addressing liabilities is related to the IASB/FASB conceptual framework project.

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